The reason why Tesla was valued very high compared to rest of the car industry was mostly due to all the debt burden other companies were carrying and Tesla was improving their margins and sales enormously.

It goes down now because it no longer seems like they can keep growing at the pace expected previously. Mostly, thanks to Tesla CEO portrait an image of a kid who doesn't know what he wants to do as well as alienating its customer base.

Now the spell seems to be lifted, people are talking more about reliability and issues of their cars more openly.

In any case, I think q4 2022 and q1 2023 reports will be very decisive for the future of the stock. It also matters if we will see any change in leadership of Tesla.