Fuck Musk and all, but “collapsed” seems a bit overstated. Their loyalty rate is no longer remarkably high but is still above-average according to the article.

Tesla’s customer loyalty peaked in June 2024, when 73% of Tesla-owning households in the market for a new car bought another Tesla,
…
The rate bottomed out at 49.9% last March, just below the industry average,
…
Tesla’s U.S. loyalty rate has since ticked back up to 57.4% in May, the most recent month the S&P data is available, putting it back above the industry average and about the same as Toyota (7203.T), but behind Chevrolet (GM.N), and Ford (F.N).