When the Model 3 launched last year, Tesla outlined an ambitious plan that would have seen them capitalise on their head start. There was a huge lack of battery supply, rendering other manufacturers unable to compete. By the end of this year, Tesla would have had a huge lead; 500,000 units manufactured, the car launched in Europe, and the mass market "Standard" version launched.
But Tesla suffered their own manufacturing problems. And now the European launch is delayed by a year. The launch of the "Standard" spec is on the back burner. And production is looking like it'll only hit 150k. The battery supply issues ailing other manufacturers are easing off. The next 18 months will see a huge increase in competition.
Regardless of Tesla's financial situation, their position in the market is looking a lot worse than it did twelve months ago. The first <£30k EV with more than 250 mile of range won't be the Model 3. It'll be the Hyundai Kona EV, launching in a couple of weeks. It'll be followed by new EVs from most of the big manufacturers over the next year, at a range of price points. Whether they have the money to keep going or not, the head start they had is no more. They'll be competing directly with the established players going forward.