Tesla’s current elevated worth is based not on its actual sales, but on predicted sales of yet-to-be-launched robotaxis and humanoid Optimus robots, which—like the Cybertruck, slated to arrive three years before it went into production—could be several years away from being mass produced.

“My predictions have a pretty good track record,” Musk told Tesla staff at an all-hands meeting on March 20, but none of those present dared to ask him whether he had predicted the anti-Musk backlash that is tanking Tesla sales around the world.

And for all Musk’s bluster at the staff meeting that Tesla is “by far the most innovative company in the car industry,” it really isn’t. Chinese automakers such as XPeng, Nio, and Li Auto are far ahead of Tesla on autonomous driving and other technologies.