Tesla has been (and still is IMHO) overvalued. It is sold as a tech company when really it's just a car company. You compare it to any other car company and it

Tesla has been (and still is IMHO) overvalued. It is sold as a tech company when really it's just a car company. You compare it to any other car company and it looks horribly overvalued. Last year (at a higher share price) it's valuation was about $800,000 per car they produced that year. That just doesn't make sense. Tesla has been massively propped up by government subsidies and carbon credits, to the point that they tried not to break out their dependence on such things [1]. As more car companies embrace EVs those carbon credits are going to go away and the government subsidies are going to be more spread out. Tesla has had years of over-promising and under-delivering, most recently with the Cybertruck. The Ford F150 Lightning is a dire warning for tesla. It takes a hugely popular truck and makes what seems to be a highly-regarded EV out of it. It remains to be seen if Ford can maintain volume and control costs. But the point remains that the F150 Lightning is real and the Cybertruck isn't. Additionally, Teslas have been plagued with QC and design issues. The seat controls were prone to breaking to the point Tesla issued a software update to disable "excessive" seat adjustments [2] as just one example. And then there's Elon himself. Elon's target market are, bsaically, rich coastal liberals. His politics are alienating his customer base. But here's my favorite part: Elon has done more to dispel the myth of meritocracy than anyone who has come before him. Yes he still has his stans ("D** riders" if you prefer) but there sure seem to be less of them than a year ago. They seem to have been replaced by run-of-the-mill conservatives. Many (including myself) were fooled by SpaceX but it's become increasingly clear that SpaceX succeeded in spite of Elon not because of him. There are a bunch of reports that SpaceX has competent management that has effectively insulated the company from Elon. As an aside, SpaceX too has had problems hitting targets throughout its whole history. This is really breaking the spell of capitalist propaganda. The likes of Elon aren't so rich because they're amazing geniuses. It's really more luck and privilege than anything else. Elon's fumbling of Twitter and desperate need for approval (eg "should I remain as CEO?" followed by "be careful what you wish for" is basically "do you like me?") has been entertaining to watch but at least a few people might stop venerating princelings who have simply failed upwards their entire careers. and that counts for something. [1]: https://www.notebookcheck.net/Tesla-disclosed-government-credits-profit-only-after-the-SEC-mandated-it-new-documents-show.609779.0.html https://www.notebookcheck.net/Tesla-disclosed-government-cre... [2]: https://www.techtimes.com/articles/271257/20220131/tesla-disable-seat-controls-seat-control-excessively-tesla-seat-abuse-tesla-seat-lock-tesla.htm https://www.techtimes.com/articles/271257/20220131/tesla-dis...