The first Tesla is a car for rich people only. The reason for Tesla's 700b valuation is the innovation that Tesla has made in producing the model y and model 3 and the current goal of producing the first $25k mass produced electric car.
That ship has sailed a few years ago: Volkswagen e-Up, Seat Mii, Renault Twingo, several models from BYD, Dacia Spring, Smart EQ, Fiat 500e, and even Renault Zoe or MG ZS in some markets. All under 25k€, including value added tax
The only way Tesla can make a dent in this market is by offering autopilot and much greater range at 20k or so. Or by making a bloody fast car for young people (which will cannibalize their own sales probably).