The big problem for Tesla is that they cannot sustain their valuation from the car manufacturing business. There's a perpetual need to justify why Tesla should be valued an order of magnitude more than other automakers. Selling the dream of future profit is Tesla's main business.

(For the record Tesla makes roughly 10% of Toyota's profits and has almost 3 times the valuation, no Tesla shareholder is ready for a 97% share price drop so Tesla has to keep the dream machine at full steam).

Edit: Tesla is 3 times Toyota in valuation, not 5 as I said earlier, not that it changes the argument much.

Being in the EV business means having to compete with China. This market is dictated by manufacturing costs and so it is not where you want to be.

Well fsd and robotaxi are still mere futuristic concepts and semi vaporware but I get it, that doesn't sell shares anymore