Tesla has a price-to-sale ration of nearly 6, while Nissan and GM are <0.5. So Tesla is mostly image and vision, not reality. Therefore it depends on Musks presentations with visions of a glorious future.
"Getting the Model 3 up to a production rate of 5,000 a week is what will start to prove out Tesla's current stock price, not a slick demo."
Yes, currently it looks like this is out of reach of Tesla.
Sometimes you gotta get people to believe in a better reality :P
"[...] as long as 1) wealthy consumers in western
nations but also China are eager to seek indulgence
by way of green-washing and, 2) are in search of a
Steve Jobs replacement persona onto which they can
project their hopes for a gleaming future and,
3) are disillusioned with the establishment and
its leaders, the company will likely succeed to
raise cash again."
The stock price is not the arbiter of whether a company is vision or reality. Nothing would change about those companies if public opinion suddenly shifted and made those ratios go the other way.