The revolution is in manufacturing and vertical integration: you have to look at margins. Tesla’s operating margin was 19.2% in Q1, and is apt to rise. Very few other companies even make a profit on their EVs, and none that do are anywhere close to Tesla’s margins, to my knowledge. This means that nominally competitive electric cars aren’t. In principle Tesla could squash its pure EV competitors by selling below their cost of production, and any legacy auto company transitioning to EVs will be in a similarly dire position.

Incidentally, these margins are also far higher than those of ICE manufacturers. For example, Toyota in Q1 had lower operating income than Tesla, despite having 4x the revenue.