There had been too many promises that Tesla failed to realized. Meanwhile as you said, the profit reports are terrible and this company is heavily funded by the state to survive. Sadly this is not capitalism anymore. In capitalism mistakes and bad management is not paid by the taxpayers. This is some kind of corporate socialism. Favor the businessmen do whatever they like as long as there is production running.
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Agreed, it's banking on a story and there is little to no fundamentals to warrant the value of the company other than lobbying to get competitors to buy credits from them. As if they don't use carbon to create their cars, it's so non sensicale