Tesla's $600-bn run-up looks past major risks to EV growth

TESLA SHARES HAVE nearly doubled in value since the last time the firm reported earnings—a set-up that usually spells high expectations for upcoming results.

- ESHA DEY

But its car-selling business has become a sideshow to Elon Musk's political prominence.

A large chunk of its mammoth market value has been propped up by hopes it will be among the first to develop and market fully self-driving vehicles. Those expectations were turbocharged by Donald Trump's election victory, as investors bet the closeness between Tesla's CEO and the US President will pave the way—ignoring cash flow risks from a possible roll-back of EV incentives.