Why is a company that has never made a profit seen as so valuable?

Washington Post:
Tesla’s ‘crazy’ climb to America’s most valuable car company
The darling of Silicon Valley became the most valuable American car company, surpassing General Motors, even though Tesla lost hundreds of millions of dollars last year alone. The company’s reputation as beyond-a-car company has captured the imagination of California’s technology pack and, apparently, investors.
It has never made a profit and it hasn't sold many cars without a government subsidy to tax gift from the government.  It still has not solved the problem of the limited range of its autos and the time it takes to recharge its batteries.  It si attracting buyers for the sizzle more than the substance of its product.  I suspect that much of the money is coming from Californians who are nuts about electric cars.  I think the smart money will selling this stock.

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