Tesla is now facing increased competition in China and Europe. Margins are falling, and they're also facing regulatory scrutiny over FSD as well as in several other areas (overly optimistic range estimates).

Telsa's battery gigafactories seemed like a significant advantage, but it now looks as if they're going to need to be retooled to produce prismatic LFP packs with better characteristics and pricing.

Finally, and back to FSD. It's a gamble. It may pay off if they can pull it off, but every accident and FSD death also increases the chances that use may be restricted or even banned... in which case they're just another car company.