The latter argument is addressed in the article: "Tesla's value is down more than 52% since the Twitter buyout was approved on April 25, while the S&P 500 is only off 5.5%. And Tesla stock is off 29% since the deal closed on Oct. 27, much worse than the S&P 500's 6.6% gain in that time."
That's true, however the majority of people still purchase non EVs, which is not the market Tesla is in. As multiple parts of the world are moving to ban sales of new petrol cars (UK 2040, EU 2035, Chili 2035, Hong Kong 2035, India 2040, etc), there will be an interesting point where most new cars purchased worldwide are EVs.
I don't believe Tesla are the ones who need to catch up to the petrol manufacturer market - the opposite is true. The traditional manufacturers have about 10 years to catch up or start bleeding, as laws will force purchasers to buy an EV.
RE the value loss argument, it is certain that the overvalued Tesla stock is dropping, however that 52% is during a period that tech stocks (which I would argue Tesla is one of) have been dropping like crazy. The NASDAQ is down almost 30% from the start of the years, mostly pulled downwards by tech stocks:
https://finance.yahoo.com/news/fallen-faangs-nasdaq-wipeout-...
I don't think they're in a worse position than any other tech stock, especially with global legislation effectively guranteeing them a long term pay off.
But it's at least as reasonable to think that people will keep buying EV versions of their favorite cars. Not only is there significant brand loyalty in the car markets, but there's no particular reason to think that Telsa can be all things to all people. Tesla only has 3 models total; Toyota alone has 5 models on the top-25 list. The current Tesla model lineup appeals to a pretty specific demographic, and I don't see much sign Telsa can expand beyond that.
There's plenty of sign that other manufacturers will catch up. Consumer Reports has studied 20 EVs. They recommend 5. Tesla only has one model they recommend, and it's in the middle the scores for those 5. The Kia EV 6 gets a 91 and the Genesis GV60 gets an 84. The Tesla Model 3 gets a 78.
That's all before we get to Musk. Tesla got gobs of free publicity and cheap capital because of his PR savvy. But that has now gone into reverse, with no sign that Musk even thinks that's a problem: https://seekingalpha.com/article/4562466-can-tesla-survive-w...
And personally, I think "Tesla is a tech stock" and "Tesla will become the dominant car manufacturer" are theses that are at odds. Tech stocks are high margin businesses. Niche luxury cars, as Tesla has been to this point, can be high-margin efforts. But the mainstream market won't be.