CATL are just dominating at the moment.

Consumers still want electric cars, but all the time we have massive wealth transfer from the middle class to the ultra wealthy, the middle class will look for cheaper alternatives, which tend to have CATL cells, not Panasonic.

On top of that Tesla (Panasonics biggest customer) has Musk going around giving 90% of their customers the middle finger, in the most public mental breakdown in history.