I wouldnt say that it is a fraud but it would not give it a great chance of success. The automotive business is tough and there are a lot of better players out there. Tesla is at the top of the class along with Amazon (they just bought Zoox).
The vehicle industry is going software, hence we are going to see a few "operating systems" dominating. I would say in addition to Tesla, and Amazon watch Rivian. They have a nice backing and have been at this a while.
The traditional auto makers will likely collapse as we move into transportation as a service.
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