Yeah, but the silly Tech Startup kind of market valuation with the associated crazy P/Es (justified by “we will take over the whole industry” kind of justification) that made them more valueable than all US automakers combined (not just the EV auto-segment, everything) is dissapearing.

Their valuation reflecting the size of their market share (in the entire auto-market, not just EVs which are still a minority of sales) and growth direction (growing mainly due to the EV segment growing and don’t seem to be in line to dominate the whole auto-market as EVs take over) means a massive fall from the fantasy “we’ll take over the world” valuations.

Mind you, it’s happenning more generally in the whole Tech segment as the end of free money which was used in leveraged stock investment is wiping out all the investment strategies based on wild and fantastical claims of “future prospects” and on finding greater suckers.

It’s probably not even a fall due any worst numbers or concrete prospects for Tesla: the collapse of the massive stock price premiums (judging by the P/Es in Tech vs those in the wider market) for “future prospects” in the whole of the Tech industry, would definitelly pull Tesla’s stock price down hard because Elon’s main business “strategy” has always been to frame his ventures as Edgy Tech in order to reap such premiums and he definitelly went hard on it with Tesla.