The EV ventures of most automakers are massive money losers (just as it always has been for Tesla outside of selling green credits and subsidies). But for sure they all rushed to get there not because the EVs themselves were valuable, but because of the insanity of the capital markets where Tesla is valued at a trillion dollars at a 200x P/E, while the rest of the market is at like a 7-14x ratio. Everyone wanted some of that irrational hype.