Gotcha. To go back to the article, it compares Tesla vs Toyota's market cap (558 vs 329) and then their enterprise value (553 vs 466) and concludes that if we look at EV then Toyota has almost caught up. What this reveals is that the market has decided that Toyota is in a good position ("valuable") because they have a market cap reasonably close to Tesla despite a lot more debt, so there is inherently some extra value in Toyota (according to the market) not captured by just looking at the diff between Tesla and Toyota market cap. It also reveals that Toyota believes they're undervalued which is why they're using debt financing instead of shares, whereas Tesla thinks the opposite.