> But I don't think it's obvious at all that competitors can catch up

They are catching up as evidenced by Tesla losing market share. It's not a very surprising result. As other manufacturers ramp up EV production they will gain EV market share because not everyone wants the same car.

Tesla is no longer a leader in EV technology. Lucid's and Hyundai's EV platforms, for example, offer options that Tesla doesn't.

Have a look at Europe. In 2019 Tesla had 30.8% market share: https://eu-evs.com/bestSellers/ALL/Groups/Year/2019

So far in 2021 Tesla has 14.2% market share: https://eu-evs.com/bestSellers/ALL/Groups/Year/2021