Elon Musk’s bid to dominate global carmaking is taking a new turn, and dividing opinion. Some see him as Henry Ford in the age of the Model T; others, as Steve Jobs ushering in the iPhone era. But what if he’s Rick Wagoner, who steered General Motors Co. into a ditch?

Musk’s Tesla Inc. has cut prices of its electric cars at least a half-dozen times already this year, shaving almost a third of the cost off its top-selling model in the US. The strategy has no precedent—nor is there consensus as to whether it heralds more industry disruption or signals Musk’s desperation.