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> Basically everybody who wants an EV already owns a Tesla

The EV market is not the totality of the auto market. EVs are, in my opinion, better products than gas cars even removing environmental concerns, and thus EVs should be growing market share. Tesla shares were never expected to decline, otherwise their stock wouldn't be trading at such insane multiples. It's entirely at the feet of Tesla management that their sales are declining in CA and in the EU.