I think this is a very optimistic view of the environment, considering Tesla didn't even ship 1M cars last year, and Ford more than quadruples that. Even BMW more than triples it.Tesla is on course to produce more vehicles than BMW by 2023, and with much higher margins. Legacy car makers have billions of $ in basically stranded assets. Long term I would worry more about legacy carmakers than Tesla. Not that Tesla can't screw up and fail, but the scale difference is about to go away quickly. I don't think that it is a valid argument anymore.
But I'm patient to wait and see, I don't believe the hype Elon drives, I believe in reality and that the Cybertruck is still missing among a host of other things that were once promised.