With Monday's drop, Tesla stock has now forfeited more than all of its post-election gains, with this decline another piece of the persistent unwind of the "Trump trade" that has defined market action in recent weeks. Tesla stock has dropped about 18% since the start of March alone.

The delay in producing autonomous vehicles and a threat to federal regulations partly explain the stock's fall, some experts say.

One Wall Street analyst says Tesla stock has fallen far enough, and it's time to buy the stock now. A new price target implies nearly 50% upside for Tesla shares. Investors need to look beyond its EV business to justify owning the stock.