"TSLA's valuation is driven by projections/expectations of future earnings (which would be a result of margin on revenue). If we're stuck in a world with low oil prices (ie., $60/barrel) for the long-term (which personally I don't think is likely), then this dampers the expectations of future long-term demand for Tesla's mass market vehicles and thus dampers expectations for revenue and earnings, which in turn affect how much people are willing to pay for TSLA today."
I took some time to write a post about TSLA's recent downslide. Follow the link to read the entire post.
"We believe the recent decline in TSLA shares is largely driven by the concern low gasoline prices could impact demand if sustained for the long term. That said, we think the weakness provides a buying opportunity as we believe TSLA will continue to see strong demand which is largely driven by performance, quality, and brand. We would be buyers of the stock at current levels."
Here's another viewpoint that Tesla's decline doesn't have much to do with oil: "There’s been chatter in recent days that the severe decline in oil prices has been taking a toll on Tesla’s stock price. After all, the thinking goes, car-buyers are likely to be less adamant about fuel efficiency when the price at the pump drops. But the researchers at Bespoke Investment Group call that 'more of a short-term excuse than the real reason' for the decline, and they think they have the data to back it up."