The trouble is, that's long been the whole basis of Tesla's stock price. It may have halved in price in the last few months, but it still has a PE ratio of _over one hundred_. That would be a bit on the silly side for the hypiest of SaaS companies; meanwhile under 10 is more typical in the car industry.

Tesla's stock price has always been based largely on feels/memestock value, so if that goes, well, that's kind of all it has.