More competition to be seen in EV market for 2024

It is ironic to read two news related to Renault, business strategy changed 180 degrees in 9 months time.
Indeed, EV market has been developing very fast over the last couple of years, there are many players in the market competing for a larger pie as a whole.
While different brands may give different values to its customers, suppose more competition will lead to thinner profit margin and probably higher R&D as well as SG&A costs.
That said, business performance / profitability of EV companies may experience pressure in 2024.