The convergence of several events might make Tesla (NASDAQ:TSLA) stock a buy for the first time, from my perspective. First of all, Tesla stock is getting cheaper. Trading not far from its 52-week low of $245, the shares have dropped almost 25% over the past three months. As of this writing, Tesla stock trades at $283.

 In my May 2017 bearish column on Tesla stock, I noted that, with a market cap of $51 billion, Tesla stock had a higher valuation than GM (NYSE:GM) stock, even though GM was “selling nearly 10 million cars a year, (while) Tesla merely plans to produce 1 million vehicles annually by 2020.” I also noted that GM was profitable, while Tesla wasn’t.

Conditions Have Changed

Many things have changed since I wrote that column. GM’s market cap, at $54.7 billion, is now significantly higher than Tesla’s $48 billion. As autonomous vehicles come closer to being released, and investors realize that AVs can be tremendously profitable, the value ascribed to advanced driver assistance technologies like those that TSLA has developed has surged.

Meanwhile, electric vehicles have been proven to be more than a fad in the U.S. And many other governments, especially those of the EU and China, are mandating that their societies rapidly embrace electric vehicles. Finally, TSLA has shown that it can conceivably be profitable.

TSLA Still Has Problems

Still, at the present moment, Tesla stock has some major difficulties. It continues to face major competition from many companies that isn’t completely reflected in TSLA stock. Meanwhile, as recently as late last year, Tesla was still facing production problems, and there have been some negative reviews of its newest vehicle, the Model 3. Finally, the difficulties that its CEO, Elon Musk, has had with the SEC have weighed on Tesla stock.

But this could be a classic case of “darkest before the dawn.” With Tesla stock already reeling, another 20% decline in the shares, in my view, would more than account for the automaker’s competitive threats. After such a decline, TSLA stock, which would then be trading around $225, would also adequately reflect the company’s growing opportunities.

Musk’s Departure Would Improve the Outlook of TSLA Stock

Moreover, Tesla’s struggles recently led its largest shareholder whose name isn’t Elon Musk to more or less call for Musk’s ouster as CEO. If pressure on Musk from Tesla shareholders to step aside increases, while his legal troubles also mount and Tesla stock continues to drop, Musk may indeed decide to resign his post.

If that occurs, Musk’s replacement may, through a combination of measures,  find ways to solve the company’s production and quality control issues. For example, the new CEO could hire more automotive production experts or, as I’ve suggested in the past, partner with a larger automaker. And of course, after Musk resigns, TSLA and the owners of Tesla stock will no longer have to worry about Musk’s struggles with the SEC.

The Model Y Looks Like a Winner

Finally, Tesla recent decision to launch a crossover SUV, the Model Y, and sell it for around $40,000, could give it a big edge against its competitors. SUVs and crossovers are becoming more and more popular in the U.S. Meanwhile, my research indicates that there are few if any affordable , all-electric SUVs or crossovers available.

Many “green” U.S. families might find such a vehicle irresistible. As a result, the Model Y could meaningfully boost Tesla’s sales, giving Tesla stock a lift when it arrives, likely in 2021.

The Bottom Line on Tesla Stock

After the recent decline of TSLA stock, the shares’ valuation will be attractive if they drop another 20% to the $225 area. Meanwhile, Musk could be replaced by a much better CEO, and the company’s upcoming affordable crossover looks like a winner.

So if Tesla stock drops another 20% and Musk steps down, longer-range investors should buy TSLA stock.

As of this writing, the author did not own shares of any of the companies mentioned.