Many people were prepared to pay a premium for a Tesla but now many of those refuse to do so as they disagree strongly with his political views so yes price cuts in the hope of increasing sales. Personally I think it'll be tough for Tesla to claw their way back to the top as it's not just the BYD Seal as a competitor as was a few years ago. These days there's still BYD then Xpeng, Nio, Zeekr, Aion plus Huawei and Xioami with their branded offerings.