Priced to be the supplier for every other vehicle company that needs batteries, every utility that needs utility scale battery storage, and possibly even an Uber competitor.
When it comes to batteries, Tesla are more of an integrator than a manufacturer - they package up commercially available, off-the-shelf cells into batteries with some cooling and a mostly off-the-shelf battery management solution (based around a Texas Instruments IC marketed specifically for battery management in electric cars, the BQ76PL536A). That's not a high-margin business to be in because there's not much of a barrier to entry for new competitors.
Right. So when tesla appears to stumble on this path, that is going to impact the share price more severely than it would a company whose value is more inline with its peers.
But Tesla hasn't stumbled on this path, its stumbled on its vehicles. The vehicles have simply been a method to bootstrap their Supercharger network and Gigafactory, which are both on schedule. Arguably, once enough vehicle manufacturers were producing electric cars, Tesla could close up their vehicle manufacturing business if they were so inclined (and exist solely to provide battery packs).
Properly priced.