> Tesla had momentum and they used it to the max

They had momentum and fumbled it with the Cybertruck. They retain a massive sourcing and production expertise advantage, as well as a built-in marketing advantage in their existing customers (and Superchargers).

In the time they fumbled they lost the low-end market to China. They’re currently bleeding the aspirational market to higher-end, more-differentiated brands.

I’m not a car guy. It isn’t clear where they go from here. But they both didn’t use their momentum “to the max,” nor are they out of steam.