One of the arguments for Tesla (TSLA) deserving a premium multiple valuation in the stock market is its integrated and built-to-order business model. As the story goes, Teslas are built to order and are not discounted: here. Therefore, with no discounts and no inventories, it’s supposed to be a better business that’s worth a higher multiple in the stock market.
In contrast, regular automakers are a mix of built-to-order and (mostly) inventory sales - and the dealers always are independent. Discounts almost are always present. Depending on the brand, just look up your