Legacy automakers, such as General Motors and Ford, are struggling to catch up with Tesla in the electric vehicle (EV) market. Tesla's dominance is evident as it accounts for 61% of fully electric cars sold in the US, and its price cuts have reset customer expectations across the industry. Ford and GM have faced setbacks, including delays in battery manufacturing and production targets. China's BYD has successfully transitioned to profitable EVs by focusing solely on electric vehicles, showing that traditional automakers may need to make significant changes to succeed in the EV market.