valuation is taken growth into account...

There's no question that TSLA will grow pretty fast in near future.
But TSLA has market cap of $10.92B...
just to compare against some other companies

Volkswagen's market cap is $98B
BMW's market cap is $60.59B
GM's market cap is $46.64B

All these companies has much higher revenues and profits than TSLA. It will take many years before TSLA can get to their size. Large part of the growth is taken into account by the market cap, thus making this investment risky!

The key is how much competative advantage does TSLA has? What is the barrier or entry to the electrical car market?
what is stopping Volkswagen, BMW and other manufactorers to make electric cars in the next 1 or 2 years? They have much more capital and the economy of scale compared to TSLA.