Yeah, this is better understood as a story about saturation. Tesla (really the Model Y specifically) walked into a market in the spring of 2021 as the world wa

Yeah, this is better understood as a story about saturation. Tesla (really the Model Y specifically) walked into a market in the spring of 2021 as the world was recovering from the pandemic and had extra cash, with a product that was just plain wildly better than any alternative from any vendor. And it ran away with the market. Basically "everyone" in a Blue State Urban Environment looking for a large sedan or crossover for the last two years has ended up buying a Y. But... now we all have our cars, and the market is saturated. There are other markets to sell to, but those take different products. The Y too small to grab minivan/SUV owners, the 3 is still too expensive to make the same impact in the compact segment, etc... (The cybertruck production ramp is still shipping every car, so we don't know where demand will top out there yet). Obviously the financials don't care about "why" you're down 17%, but it's important to recognize that the reason is emphatically *not* that people don't like their Teslas. It's that everyone who wants a Tesla has one now.