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We've seen an incredible rally this year in shares of electric vehicle maker Tesla (TSLA), seen in the chart below, which has recently become the world's most valuable automaker. One of the reasons why is that the company was able to report very strong Q2 delivery figures after ramping two new models, helping to avoid large unit declines other automakers are seeing during the pandemic. Bullish investors don't see competition as a major factor currently, but this angle could become an increasingly larger risk for Tesla depending on what happens this fall.