I agree with your gut feeling, mainly because even after a 50% drop it is still worth way more than the next few car companies combined while there's a fraction

I agree with your gut feeling, mainly because even after a 50% drop it is still worth way more than the next few car companies combined while there's a fraction of the sales. Until recently there's been a strong belief that Tesla is permanently only supply constrained and as they get more factories online they will always be able to sell everything they make at huge margins. I think the recent selloff is a result of people questioning that as Musk alienates future customers and other car companies embrace BEVs. There's still a very long way to go for Tesla to be priced like it's competitors, but I that will happen eventually.