$Tesla(TSLA.US)$ Because NIO, Xpeng and Li Auto are unprofitable and currently only deliver a few thousand vehicles a month, valuing them is based entirely on future potential. And that makes it largely guesswork.The companies trade at about five to seven times estimated 2021 revenue -- close to what Tesla was valued at about five years ago, when it was in a similar development stage.Meanwhile, some Chinese makers of gas guzzlers that have remained profitable even during the coronavirus pandemic -- such as the giant SAIC Motor Corp. and BAIC Motor Corp., which combined sell millions of cars every year -- are valued at significantly less than one times their estimated 2021 revenue.It’s a long road
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