The uncomfortable truth of the shift to electric vehicles is that automakers have to reinvest profits from their gas car businesses to fuel the capital-intensive development of EVs. Only Tesla and a handful of Chinese EV makers like BYD and Li Auto are known to be profitable today. Others are struggling. Take Ford, which is projected to lose $5.5 billion from its Model e EV unit this year and now it’s ringing an SOS to its suppliers: “We need help."
