9% drop in revenue leading to a 54% drop in income, this suggests the main factor for the income reduction is an increase in costs/loss moreso than the drop in revenue.
Cars have no network effect as the roads are open standard accessible to any vendor and Tesla never had any secret sauce that kept well funded competitors from competing.
Once the big traditional manufacturers started taking electric cars with diver assist features seriously they had the skill and money to match(and in some cases exceed) Tesla and that means Tesla will have to price their cars competitively.
put another way, it's not just making cars, it's making the ecosystem. every phone after the iphone was trying to be the iphone, for example.
for Tesla, it would have been something like getting charging stations everywhere, and getting the 3 price so low that they become ubiquitous. then the Hertz buy might have made sense, you'd see taxis everywhere switching (and they kind of did in some cities), and stronger adoption outside of tech-bro cities.