To my mind, it's just the overall cold stream of ominous news that the market only knows to interpret negatively: the dramatic drop in oil prices, the previous divestment by Toyota and Daimler, the public cold shoulder from BMW, the constant noises from VW/Audi about their Tesla killer, which will have long range, long legs, and beautiful eyes, and is coming real soon now, etc. There is a general feeling that Tesla is alone in a hostile world and who knows, maybe they won't be able to pull it off, after all.
The market is having withdrawal symptoms. Tesla investors are addicted to the rush of spectacular news coming every couple of weeks. We want to see green constantly, we want a new ATH every 8 weeks, we want fresh analyst upgrades. Above all, we want Elon to tweet sweetly into our ears. When all that is replaced by longer periods of silence, because, you know, Tesla workers have to wake up every morning and actually build the freaking cars, sentiment drops like blood sugar level after swallowing barrels of ice cream while binging on Elon Musk appearances on YouTube. The market is insecure because it doesn't understand Tesla, nor the other manufacturers' capabilities, nor the unbounded vastness of the addressable market, nor, especially, that Rome wasn't built in a day, so it quickly loses heart ("OMG Tesla hasn't called me in days!!! she doesn't love me!!!!"). It's not yet full-blown panic, but that could happen too, especially since the next earnings report feels so far in the future, it may as well be next century.
Me, I'm a buyer.
