No offense but battery and drivetrain, I think they are still better than other OEM. Also, the way they develop SW is probably better as well.

I think they lack other stuff, like having (or allocating) enough R&D budget to come up with a broader line up. Model S/X are too expensive to reach mass market, so they are currently only addressing the compact sedan/SUV market with Model 3/Y. We have no idea when Model 2 will be ready. CyberTruck will only address North America.

If you look at the pace VW is releasing new models (albeit using same MEB platform) it shows how they are addressing each demography. Toyota will be revealing a new "BEV" model every 4 months..

Toyota, an early pioneer in electrification that has since fallen far behind its competitors, finally announced an electric vehicle strategy that will result in 15 new battery-electric vehicles released by 2025.

The bull argument is that Tesla is investing heavily to expand it's production capacity and thus not making a lot of money right now. The fear I have is that they will end up with lowly utilized factories if they don't add more attractive products to their line up. If that happens in the future, the reason will be because they aren't/didn't allocate enough R&D budget.