Tesla's P/E is insanely high (as most growth stocks are), but their earnings are growing at such a fast rate that it really wouldn't take too much growth to knock it back down to a more reasonable level. So even at their current share price, there actually isn't an insane amount of growth priced in. If their net income grew by 50% a year during their growth phase, they'd be a $2T company at a P/E of 50 (basically what Amazon was before this recent drop) in 3-4 years.
At the same time, it doesn't take much of a plateau in earnings for a growth stock to change things. Amazon in 2017-18 had a similar market cap and growth to Tesla now and was seeing huge gains. But now, despite their earnings being 300% what they were in 2018, their share price is only up about 25% since then.
I think most of the hype around Tesla with regards to future technologies is misguided (their FSD is laughable at this point) and kind of distracts from the fact that they seem to be able to make a ton of money on their cars. I don't see any reason that they can't occupy a similar space as Apple within the automotive world. Most phones and computers that people use aren't made by Apple, but they make way more money on their devices than their competitors and as a result are the most valuable company in the world and they keep making more and more money.
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