Despite good news about a government investigation into Tesla Motors Inc. (NASDAQ: TSLA) battery fires, along with strong sales and a rush into the Chinese market, the electric car company’s shares trade well below their all-time high. The number of skeptics about the manufacturer’s future has grown so high that optimism about its future has eroded — if only modestly.

Tesla shares peaked at $265 recently. They have now dropped to just above $210. Granted, that is well above the 52-week low of $41, but the rapid rise in price has reached a plateau.

One of the worries about Tesla is that the engine fire problem is not entirely behind it. The manufacturer will fit 16,000 of its cars with metal shields to help protest against the effects of crashes likes those that may have caused two earlier fires. As a result, in part, National Highway Traffic Safety Administration has dropped its investigation into the fires. However, the fix is voluntary, and no one can say for certain that the battery-powered engine is entirely safe from powerful impact.

Among the drivers of Tesla’s share price is the anticipation that it will sell more cars in China than it has in the United States. China is the world’s largest car market, but it may be the most crowded. Every major global manufacturer has reason to thwart Tesla’s success in the People’s Republic. The companies know how Tesla built its success in America, which gives them the opportunity to block the electric car company as it vies for rapid success in the world’s largest nation by population.

Tesla recently has made advances in selling its cars in states where dealers want to block its access to consumers. However, several states may still block any easy path to making sales. The skirmishes between Tesla and state politicians who favor traditional dealers could last months, if not longer.

Finally, Tesla has convinced many customers and some of the media that its network of charging stations will allow people to drive its cars great distances. But vast parts of the country do not have these stations, and they may not at any time in the foreseeable future. Creating a similar network in China may take even longer.

Tesla has become successful enough that it has created a range of enemies, from politicians to other car companies. This breadth of enemies and the effects each may have on the manufacturer could keep its shares stuck were they are for some time.

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