Tesla's sales have improved dramatically, but the company is still nowhere near the Detroit Big Three and won't get there for years (if ever).
So the huge disconnect between market cap and sales performance remains.
And here's the thing: if Tesla stock is indeed calming down, it now absolutely must grow sales and grow sales predictably. The pattern for all other automakers since about 2013 has been one of rising sales and steady profits.
Tesla hasn't participated in that. So while GM, for example, has bolstered its balance sheet with $100 billion in profits, Tesla has lost money, for the most part, and used optimism about its future to tap equity markets for funding.
So for Tesla to sustain itself and disconnect from endless capital raises, it needs to execute reliably, at least until an inevitable sales downturn penalizes the entire industry.
A word of caution: the current sales boom has lasted for five years. That's a long time in the car business. So while Tesla could at last be entering its happiest-ever phase, it's coming to that bliss pretty late in the game.