Comment by jamincan

A lot of the current valuation is based on Elon drumming up investor expectations. As they start to lose their spot as market leaders in EV, Tesla's inability to deliver on what Elon promised will become more clear as their competitors level with and surpass them.

Moving to new, unproven markets is fruitful ground for someone like Elon to drum up expectation and hopefully keep distracting people from the fact that he's had very few recent successes to show for all the hype he receives.