I don't think anybody is ever catching up to Tesla. All these cars that just came out or are coming out next year that are 'almost' as good as a Y will be instantaneously obsolete once the 4680 is out and Texas and Berlin are producing. The Mustang Mach E Premium that's almost as good as a AWD Y but not quite costs $56K and has a 24 week delivery estimate. That's 6 months. By then, if he wants to Elon can be selling the AWD Y for $45K and 450 mile range. And delivery speeds will be back to normal. Ford and GM are never catching up; I think they're dead men walking but won't admit it until Elon has the $25K Model 2 out.
People may not like a three month wait for a Model Y, but they'd like a 6 month wait and spending more for a car with 270 mile range even less.