<i>the incumbents have no advantage in these fields relative to a newcomer.</i><p>Except their distribution network, reputation&#x2F;brand value, and marketing reach. And their IP in the non-powertrain components. And their manufacturing knowledge which makes the cars more reliable.<p>And they can fund the move to electric (or whatever) using existing profits. Whereas any newcomer has to raise money and spend time doing all of these things.<p>While this is probably the best time for someone to attempt to do those things.. the incumbents definitely aren&#x27;t starting from scratch.. they still have advantages.