Tesla stock is now almost half the value of the all time high in November 2021. https://finance.yahoo.com/quote/TSLA/
Elon Musk has claimed Tesla is worthless without AI, and now he is undermining that at Tesla. But even without undermining it, Tesla is already way behind on autonomous driving, the leaders are: 1 Waymo (Google), 2 Drive Pilot (Mercedes), 3 Cruise (GM). Although GM did have a setback in their program, they remain clearly ahead of Tesla. Apart from that we have 4 MobilEye, 5 Nvidia and 6 Hyundai who are probably also ahead, and then there may possible be 1 or 2 Chinese like 7 BYD and 8 Baidu, finally from Japan the leader is probably 9 Nissan.
That means Tesla seems to be no higher than nr. 7 at best!! Meaning Tesla is very unlikely to be the one raking in the gold from being an AI world leader. Elon Musk threatening development can only push this further back, as talent will seek elsewhere in part due to Musk being erratic, and in part because it's not the best option anyway.
But Tesla is also an energy company, except Tesla does not make the best batteries anymore. Other battery makers make both cheaper safer and denser batteries, sometimes even combining 2 of those attributes. So Tesla is very likely to face steep competition in the energy sector too. Batteries of course also have a strong impact on cars.
That basically leaves Tesla as a mostly ordinary car company, where many other manufactures have caught up on the technology, and are competing directly with Tesla that, apart from funny small city cars, had EV almost entirely to themselves for 10 years (2008-2018). But mainstream car manufacturers are catching up, providing real competition so Tesla has cut prices dramatically 3 times within a year, probably in an attempt to maintain market share.
So IMO it is not justified that Tesla is valued at 10 times as much as VW (market cap), while both have just over $3 earning per share, where a VW stock can be had for $13.57 Tesla cost $208.57 (at the time of writing).