Tesla Struggles to Justify Lofty Valuation as Demand Wanes and Competition Grows

Tesla's price cuts show customers unwilling to pay premiums for its vehicles, raising doubts about high valuation.

Immediate stock drop after earnings shows Wall Street thinks Tesla looking more like regular auto company rather than tech company.

Price cuts aimed at boosting demand have failed, with 2023 delivery estimates dropping.

Despite stock surge this year on AI potential, deployment of autonomous tech could take decades.

Caution around growth and competition on earnings call raises questions about demand and increased competition.