The only reason to buy Tesla stock has nothing to do with its EV business, market strategist says

• Tesla competes in an industry that has not been kind to its investors over the past few decades.
• Shares of General Motors, Ford, Honda, and Mercedes are trading at the same price today as they were over a decade ago.
• When it comes to Tesla stock, the only reason to buy has nothing to do with its electric vehicle business.

Tesla stock has soared 142% year-to-date and its valuation has cruised past $900 billion as investors cheer the company's continued growth in its electric vehicle deliveries.