Gordon Johnson of GLJ Research questions the high valuation of Tesla's energy storage business compared to its electric-vehicle manufacturing downturn. He highlights the discrepancy in valuation multiples between Tesla and global battery leaders like LG Chem, suggesting Tesla's energy segment is overvalued. Johnson also criticizes Tesla's in-house 4680 battery cells as a 'manufacturing disaster.' Tesla's stock experienced a 7% drop, attributed to weakening EV demand and competition, with analysts predicting another quarter of subpar performance.