Tesla’s stock is rallying as investors cheer a return of Elon Musk as a full-time CEO, and is fast approaching a key chart level that if cleared could target a return to record levels.

Catching up to Waymo won't be easy because it has partnered with Uber Technologies, which operates the world's largest ride-hailing network with 170 million monthly users. It could take Tesla years to achieve that level of scale, especially if it builds its own mobility network from scratch.

Tesla stock has risen 58% since April. But shares could be 23% overvalued as revenue falls — with registrations down in China and Europe — and Cybertruck values dropping.