Usually a growing company that can grow profit margins with scale sits at 100+ PE ratios. But Tesla has declining sales, bad public sentiment due to musk being the face of the brand. And many other manufacturers offering much better "value" (which most consumers prioritize) EV cars, such as hyundai and nissan. Tesla has not really done anything new in a while. Hoping to create an Uber style driverless service which will face the same legal issues as google/uber already face with driverless cars. Only being able to operate in select areas that allow testing.
Why is the valuation of Tesla like 5x higher than it should be