Automakers may have completely overestimated how many people want electric cars

Tesla was right. The electric-car maker proved that hundreds of thousands of people will buy sleek, luxury electric cars over models from BMW to Mercedes. As the legacy brands’ market shares have slipped amid the electric onslaught, automakers are making massive investments in the electric future. Volkswagen has its $50 billion EV push. Daimler just placed a $23 billion battery order for EVs. GM and Ford are both undergoing massive restructuring to keep pace.