How is Tesla, a car company with declining sales, trading at 160 P/E ratio?

How can someone on Wallstreet actually see this stock price and say, "yeah this is fair value, markets BE efficient"?

Is this proof of the ETF bubble? Because this is no meme stock or anything, this is one of the few companies with a market cap upwards of 1 trillion USD. I do not think a company can amass 1 trillion in actual USD only on memes.

What is the market seeing that I cannot? Are they developing the cure for cancer?