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There was a time when Tesla had a technological advantage over competitors. Not anymore.
Ask most people in the U.S. to name an electric vehicle company, and one word will immediately come to mind: Tesla. Elon Musk’s EV firm has dominated discourse—and dominates the market in many areas. It had a 62% share of the EV market in the United States in 2022. But times are tough, and Monday’s announcement that Tesla will be laying off more than 10% of its staff, or 14,000 people, is an indication that dominance is slipping.
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