The electric vehicle (EV) market is a bit like e-commerce: it dominates the headlines and promises strong growth potential, but it isn’t a particularly profitable model unless companies achieve significant scale.

Motoring consumers have enjoyed healthy competition from several automotive powerhouses across the world, so winner-takes-all economics would be a foreign concept in this space. It’s more common in the Big Tech world, where initial investment is high and only one or two competitors ultimately earn extraordinary profits...

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