TSLA can be the next NFLX IF the spell breaks

$Netflix(NFLX.US)$ remained overvalued for a good 3-4ish years before tanking. The writing was on the wall for a long time (who didn't foresee the rise of competitors?)
Similarly, although $Tesla(TSLA.US)$ is the pioneer of EVs, competitors are catching up rapidly and will be able to produce vehicles as good as Tesla's in the next couple of years. When they do $Tesla(TSLA.US)$ , will finally have the long-awaited crash that everyone has been predicting.
The only was I can see Elon getting himself out of this conundrum is if he can make $Tesla(TSLA.US)$ the next $Apple(AAPL.US)$ . That has been his strategy so far, basically to make it a premium brand/luxury good that people will pay for disregarding the cost. It remains to be seen whether he can pull this off.
But if the market starts getting fractured and $Tesla(TSLA.US)$ can't maintain its dominance, the stock price will crash dramatically just like Netflix did.