If you value it like General Motors, the share price should be around $20. If you value it like a "tech company" with the margins that entails, it should be around $60. If it craters 90% from its high around ~$400+, that puts it between those two numbers.
Its primary product is stock, and most of that comes from Musk's ability to just say things that aren't true and have people believe him. Without him, you need to value it more like a regular company.
Why? The company is insanely overvalued based on its fundamentals. Elon's hardcore investor fans are the only reason the stock is worth anything near what it is.
From my perspective, Tesla is at >100 P/E ratio based on last year. Next year they will probably be loosing money given how sales are cratering everywhere. Some people see it as a software company - in reality it's a carmaker, employing >100k people. These people will have nothing to do next year for half of their time.
Tesla fans themselves say that it's not longer a car company - it's AI / Robots company. Does this view will still stand without Elon ?
Its primary product is stock, and most of that comes from Musk's ability to just say things that aren't true and have people believe him. Without him, you need to value it more like a regular company.