The problem is that Tesla stock is so ludicrously overvalued compared to its peers that even wildly outperforming them still wouldn't justify the current stock

The problem is that Tesla stock is so ludicrously overvalued compared to its peers that even wildly outperforming them still wouldn't justify the current stock price based on financial fundamentals. A P/E ratio 15 times that of Toyota feels like a joke even if you believe Tesla has future potential that would outpace even their own growth over the last few years. The price really seems almost entirely speculative, which is why it doubled after the election despite no obvious change in fundamentals for the company, almost certainly why it crashed back down just as quickly.