Not to defend TSLA's valuation, but the argument of other car giants being "able to flip a switch and make something better" has been proven wrong many times. There are plenty of rational "TSLAQ-arguments", that one is no longer on that list.
I think we're beyond TSLAQ by now. Are you saying there is a high likelihood that Tesla will go out of business? (The 'Q' means de-listed from the stock exchange).
Maybe the valuation is a bit steep, sure. But there aren't many reasonable arguments left for the company going under, apart from perhaps investment overextension due to some future initiative, or some magical and incredible accounting fraud.
True, I still use it to designate the short-TSLA/anti-TSLA crowd which tirelessly uses this argument despite the evidence that it is false. As for the chances of Tesla going under being slim to none at this point, which I agree with and believe explains (partly) the stock's repricing, I think it's still a popular argument for the die-hard Tesla shorts à la Einhorn.
