I feel like the auto-makers trying to jump on the EV bandwagon arrogantly assumed, "Tesla is just a n00b at auto manufacturing. We've got over 100 years of experience. As soon as we step into this game, it's all over for them and the rest of the Johnny-Come-Lately brands trying to sell people electric cars!"
They didn't take into account a VERY important factor. Tesla established itself as a "premium/luxury" vehicle pretty quickly. The combination of the instant torque and industry-leading 0-60MPH times, plus advanced tech like the "Autopilot" functionality, not to mention the huge touch-screen panel/infotainment system that was miles ahead of everyone else.. and then the subsequent build-out of the large supercharger network world-wide meant people would pay as much as 6 figures for one of these vehicles, gladly.
All this stuff was AMAZING back in the 2012-2016 time-frame, when traditional auto-makers only dabbled in EVs by essentially tossing a battery pack and motor in an existing vehicle, winding up with poor range and no big advantage for the buyer.
At this point in time? Early adopters of EVs are through. They're just another mainstream option, now. So companies like Ford were fools to expect good sales of anything priced like Tesla asked for a Model S or X. They made vehicles like the Mach-E assuming they'd be profitable asking that kind of money for one. But this is 2024, where people who had that kind of money for an EV already spent it on their Tesla -- and everyone else is only interested in an EV to save money on total cost of ownership. If the car costs 2-3x more than they can get a decent, reliable gas powered one, the ROI isn't there.