The back and forth this week between Tesla Motors and news outlets over a report from the Orange County (Calif.) Fire Authority about a fire in an electric-charging station last month was vintage Tesla.

The company TSLA, +4.42% founded by CEO Elon Musk has repeatedly gone head-to-head with anyone who writes anything critical or even unflattering about Tesla or its technology.

In this case, the issue was a finding in a report by the fire authority that said an electric vehicle-charging system may have been the cause of a Tesla car fire in Southern California on Nov. 15.

After Reuters and Bloomberg both reported on the report, Tesla quickly responded by saying the report also found the fire began on a cable between the charging station and a wall outlet — NOT between the charger and its Model S vehicle.

Lamborghini unveils the Huracan

That suggests the company’s battery pack, now the subject of an investigation by the National Highway Traffic Safety Administration, wasn’t to blame.

Whether it was will ultimately be determined by whatever insurance company is going to cut a check to repair and/or replace the charging station and anything else damaged by the fire.

Tesla’s vigilance regarding the fires is understandable, given that its electric-car technology is its most important strategic asset.

Yet regardless of the fire’s origin, the long-term interests of Tesla shareholders may be better served if the company spends more time taking responsibility and less time deflecting criticism.

If consumers don’t believe the Tesla vehicle system — battery, vehicle AND charging stations — can get them from Point A to Point B safely and reliably, they won’t buy the car in large-enough numbers to make the company’s massive investments pay off.

And that confidence could be shaken equally whether or not Tesla owns a part or cable that starts a fire.

Given how much negative media attention the Tesla car fires have drawn, the company should take ownership of the problem, just as other auto makers must do if a part made by a supplier fails in one of their cars.

Electrified stock

As serious as the safety issue is for the company, however, investors may want to stay focused on another concern about Tesla.

Namely, that it’s an auto company with a stock priced like a tech company.

Tesla’s market value of $17.3 billion is almost six times the $3.1 billion in 2014 revenue that Wall Street analysts currently expect.

Toyota and Ford, by contrast, have market caps that are less than their annual sales, which are expected to be $240 billion and $140 billion, respectively, next year.

Wall Street tends to value auto makers at a discount because of all their fixed costs, including factories, shipping cars and helping dealers maintain inventory, and their potential liabilities — including vehicle recalls.

These are all costs that Tesla will have to bear if it ever hopes to earn more than a niche share of the U.S. auto market, where consumers are expected to buy between 15 million and 16 million vehicles this year.

Tesla has said it expects to sell 20,000 of its Model S models this year.

At the company’s current valuation, the market is valuing each of those cars at about $8.8 million.

Given that Tesla sells the Model S for under $100,000 each, it should be clear just how overvalued the company is, even after the fire concerns are priced into its shares.