I think the strategic direction of Tesla is going to create considerable value in the long term - not just in selling cars, but in the industry dominating direction they seem to be headed. For example, I think of the charger network alone as the future of the gas station, and could be a deciding factor when consumers are considering one brand of electric car vs. another. Self driving technology is another race where the first mover to truly succeed will have a head start in becoming the foundation for the next generation of transportation and shipping services. The potential of being the leader in that space is much bigger and likely more profitable than the car industry combined.
Yes, there is considerable risk and other players might get there faster than Tesla, but they are certainly in the running and their existing cars collecting real-world data could give them a leg up against the competition. I would also factor in the fact that car manufacturer's and their culture are not used to building and iterating on software services like this quickly. Think about how Microsoft tried to make phone operating systems for years before the iPhone or Android phones launched, and they are now completely side-lined in that space because they just couldn't innovate or copy fast enough before network effects kicked in and locked them out. Similarly, many of those same network effects can exist with cars.
I can see a world where consumer decide to purchase cars based on their technology and charger networks alone. This could even include an App store where a large number of apps available for the car become an important deciding factor.
Once you get out ahead, I think it will be really hard for others to catch up.
Note: I'm note an owner in Tesla, but I'm bullish on their ambitious long-term prospects.