I don't really get this take... not when Tesla is by a wide mile the world's most valuable automaker. How does Tesla ending production of the S and X equate to the old auto establishment "stomping over them"?

In terms of actually selling cars Tesla is around #15 by annual unit sales and around #11 by annual sales in dollars.

Toyota sells more cars in a year then Tesla has sold ever.

Worth related statistics doesn't mean anything in the realm of hard engineering. I completely look from the point of "what the companies are doing tech-wise".

When Tesla came about, they were distinctively different. A different chassis, a different weight distribution, completely different dynamics. Since they started with a blank slate, their cars were greenfield projects, and they correctly took note of the pitfalls, and avoided them.

On the other hand, avoiding past pitfalls or remedying them doesn't make you immune from the future ones, and doesn't mean the other companies can't learn, too. This is where they made the mistake.

They overpromised (esp. with the Autopilot thingy) and underdelivered massively on that front, and while they "made" the software-defined-vehicle, they underestimated the problems and behaved like the problems they face are as simple as configuring a web service right. This is what slowly broke them. They also underestimated hardware problems of the car (like using consumer grade parts in the critical parts of the hardware. Remember wearing down flash chips and bricking cars?)

Because while car is software defined now, it's also an "industrial system". It has to be robust. It has to be reliable, idiot-proof even. Playing fast and loose with these things allowed automakers to catch them, maybe slowly but surely.

Because, "the old automakers" has gone through a lot of blood, sweat and tears (both figuratively and literally), and know what to do and what not to do. They can anticipate pitfalls better then a "newbie" carmaker. They shuddered, sputtered, hesitated, but they are in the move now. They will evolve this more slowly, but in a more reliable and safer way. They won't play that fast, but the products will be more refined. They won't skimp on radars because someone doesn't believe in them, for example.

Not everything is numbers, valuations and great expansions which look good on quarterlies, news, politics, and populists. Sometimes the slow and steads wins, and it goes for longer.

Physics and engineering doesn't care for valuations. They only care about natural laws.

This is what I'm seeing here.