Tesla's current market cap is 61B, compared to Ford's 45B. There's a lot of growth expectation baked into that price already. No matter how much money they burned on trying to make a car, it will pale in comparison to trying to buy Tesla.
Yes, that sounds like a great reason to wait for a cheaper price. (Imagine the discount if they screwed up the Model 3 launch.)
Imagine the lost opportunity if they don't screw it up, too, while you're at it. Although historically stock usually does drop on such momentous occasions, even if everything goes well.
Then again, imagine you are Walmart right at the point that Amazon was moving from selling books to selling everything. The same logic could easily apply.
I agree. Assuming a car maker like ford would sell it would be a much better buy - realistically one of the smaller ones would.