Unfortunately BMW and the rest of the legacy OEMs have massive investments in factories that make ICE vehicles which are actually a liability at this point because transitioning them to efficiently make EVs will cost more than just building new factories. Their business model that uses dealers to sell cars to the public is also a liability because the only thing the dealers make money on now is service so they will resist the transition. Even GM had many dealers call and say “ come and get your sign - we’re done “ when informed that Cadillac would be going full EV. Then, of course, there is the problem of Tesla’s massive lead in engineering - Tesla open sourcing their patents scared them more than anything because they knew then that Tesla would be running while they were walking.
I have been trying to find an investment in charging infrastructure and can’t find any with a business model that can generate a profit now or in the future. This makes the supercharger network a moat around Tesla that won’t be going away any time soon.
Lastly anyone who owned a McLaren F1 is a car guy which makes Tesla the only major OEM to have one at the helm. The technology changes but selling cars has and always will be about exciting people’s emotions and right now Tesla is the object of desire among young people - the customers who will be buying cars for the next 50 years.
As automakers including Ford and GM invest heavily in electric vehicles to catch Tesla, dealerships enter the EV future, and business models being tested.
One genuine concern for dealers, however, is the fact that EVs don’t require oil changes, transmission repairs and other service owners of ICE vehicles routinely bear — and that account for 50% of dealers’ gross profits. A 2019 report from AlixPartners estimates that dealers could see $1,300 less revenue in service and parts over the life of each EV they sell.