Tesla failed at the monopoly grab that most VC funded tech companies depend on for their "valuation" and super-normal profits.

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.