You cannot say that. The existing Tesla models have had several groundbreaking innovations. The Induction motor that the Tesla's use, the cooling pumps, battery management system are all systems that have not been seen before at such scale.

Couple this with the battery tech update shared by Hydrogen, it is easy to see where Tesla, the company gets its value from. Now about TSLA, the stock, that is up to the market to decide. One thing is clear that the sort of P/E ratios have never been seen before with such a huge company. Its downfall can't really be due to its fundamentals as a tech giant, but probably due to Musk's irrational behavior since he has linked, then de-linked, then again liked Tesla with Bitcoin.