system
A chat on subreddit /r/wallstreetbets
human
Tesla has been valued as a tech company for a while now (it's not, it's a car-company).

As soon as they'll have car-maker margins, their valuation will follow those of other car-makers. There is no reason for it ever reaching its previous highs again.
gpt
If you value it as just a car company yes it needs to drop about 75% from here. But there is still a lot of room for growth. Tesla sold about 1.3 million cars last year and Toyota sold 10.5 million. In your worst case valuation Tesla is priced currently for selling about 5.2 million cars per year if there was no margin expansion with increases in volume. Even in this scenario you should be a buyer if you believe Tesla will sell more than 4x the amount of cars it currently is. This ignores carbon credit sales, solar, power storage business opportunity and all opportunities from self driving. 

I can see Tesla trading sideways here or continue to dip but I don't think investors let the multiple get much below 30 until Tesla shows that it is not growing. Coming into a possible recession, we could see negative yoy growth and there is potentially more downside. But long term I do think Tesla survives and continues to grow market share and find ways to profit off of it's other businesses. I would add to my position  if the multiple gets down to 20-25 this year. I was an earlier investor and just added recently, not an impressive position but cost average is just below 90 which would be a multiple of 28.