Automakers are rapidly embracing an all-electric future. But there’s a catch: Nobody has figured out how to make a profit on electric cars.
On Monday, General Motors pledged that it would unveil 20 new electric cars by 2023, effectively committing the company to an all-electric portfolio at some point in the future. GM Vice-President Mark Reuss said that the carmaker would be profitable in the undertaking.
At the moment, the industry is unclear on when those profits will arrive. And some automakers are losing money hand over fist as they struggle to read the crystal ball.