Of course EV's were going to depreciate like crazy. That's the cost of being an early adopter. It's no different from any other new technology whether it be phones, laptops, whatever. Scale, competition, efficiency improvements bring the price of new models down, throw in some technology advancements and the old models become less desirable.
That's why early adopters tend to be wealthy people who put a high value on having the hot new thing.

How quickly we went from "EV's are too expensive, I'll consider when they come down in price" to " I'm not buying an EV they depreciate too fast." The issue is, in a fast information world, the media pulls one month of data and calls the sky is falling, reality is, we had massive growth and now it's taking a breather, which is totally normal, continued exponential growth is not, especially in economically challenging times.

We've got Tesla models getting a bit long in the tooth, the Germans putting out over priced EV's largely built on ice platforms which have pretty ordinary efficiency, and tariffs being thrown at cheaper imported models. The market could well be waiting for the next milestone to be reached.