Tesla is ahead in many regards but they are too debt laden for a buyout at this point. A larger player would be smart to wait until the economy turns and Tesla can no longer meet debt obligations, then buy them out of bankruptcy.
Enterprise value is indifferent to capital structure. A leverage-sensitive buyer would buy out the high-yielding debt in addition to the equity. Purchasing out of bankruptcy is riskier, in many levels, compared with a negotiated sale.