The fact TSLA is valued more then all the auto manufactures combined is absurd. You're naive to think big auto is just going to sit on the sidelines. Big auto has the infrastructure and production lines to mass produce fully electric vehicles for a fraction of the cost of a TSLA, something TSLA will never be able do. Ford is already leading the charge with the F-150 Lightning and converting old factories into fully electric vehicle production plants. TSLA is just as overhyped as Elon Musk.
At this time Tesla cars are hyped in the market comparitavely to other electronic cars like Ford because of the Batteries, speed and AI technology but more sales are in the name of Elon Musk at this time.The overpriced share prices fell from 52 week high of $900 to $563 at current but major important dips came afterwards Elon Musk announcement of Tesla banning Bitcoin acceptance.He has also lost second richest position after that because of his constant tweets against crypto market.But Tesla has some unveiled plans to compete for future like introduction of batteries as stated by @Hydrogen because share prices went up whenever there is some positive rumours in the market and investors purchase bulk future orders rising share prices.Moreover he is building many gigafactories in various countries to expand his business and planning to add on more AI feature to car industry.So you can say he has plans and know what exactly to do at what time.This is his business strategy in which he is succeeding.