What justifies Tesla's high P/E ratio amid all of the headwinds?

Tesla's fundamentals are weak. Revenue and income has been declining YoY for two consequtive quarters now. Vehicle deliveries declining. Their market is getting eaten away by competitors and they have no strategy to combat that. Reliability (a proxy for product quality) is mid-tier. Their R&D projects are missing schedules for a while, and has no substance.
Even though there aren't much positive indicators around the stock for a while now, why do they have such a high P/E ratio ? What is the justification?
What are the investors and traders looking at? Am I missing something? Or is this a purely speculative bubble and are we in for a royal shitstorm when it pops?