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I'd like to believe its a combo of factors -
The cars being very expensive while also becoming ubiquitous. They could get away with overpriced cars like 5-8 years ago when it was a huge flex to have one. People don't want to pay sports car prices to drive what is essentially the new Corolla (default basic bitch sedan). Also any perceived street cred for choosing a "green" option was eroded because that social segment hates Elon.
Tesla still has perceived quality issues from panel gaps to fires. People don't like paying premium prices for products with issues.
Tesla is still the Apple of the automotive world when it comes to things like right to repair and user privacy. Their vehicles and apps collect a ton of data and telemetry. I'd like to believe this one is a show stopper for more people...but based on the continued popularity of iPhones it clearly isn't a problem for average consumers.
Tesla has had several price drops in the last year or two, and the tax credits got better (at least for cars that qualify, which most Teslas do).
I think it's because Elon Musk started being a drag on the Tesla image. Other expensive cars (EV or otherwise) are doing fine.