maxlamb captured my sentiment exactly... tech is not synonymous with "internet connectivity".
Modern vehicles (ICE or EV) are vastly more sophisticated than "putting together metal on an assembly line" -- they're modern marvels of all the physical sciences: chemistry, thermodynamics, materials science, electronics, mechanics, aerodynamics, wireless connectivity, reliability, safety, real-time controls, computer vision, sensing, and on & on & on. Vehicles are vastly more "technological" than most mobile phone apps, especially one like Uber.
Pure software companies may (rightfully) fetch higher valuations, but that's simply due to the nature of their economics: higher margins, pricing power (oligopoly?), and negligible incremental unit costs.
Modern vehicles (ICE or EV) are vastly more sophisticated than "putting together metal on an assembly line" -- they're modern marvels of all the physical sciences: chemistry, thermodynamics, materials science, electronics, mechanics, aerodynamics, wireless connectivity, reliability, safety, real-time controls, computer vision, sensing, and on & on & on. Vehicles are vastly more "technological" than most mobile phone apps, especially one like Uber.
Pure software companies may (rightfully) fetch higher valuations, but that's simply due to the nature of their economics: higher margins, pricing power (oligopoly?), and negligible incremental unit costs.