The Oversupply of Capital in the Electric Vehicle Space

Steve, you alluded to that there's an incredible amount of excess in the electric vehicle space. What do you mean by that? Do you think there's an oversupply of capital that will meet demand and then some or is it a bubble that will burst? Steve: I don't know what the whole EV sector is valued at. But last time I looked, their R&D, annual R&D spend was 80 billion dollars. None of those electric vehicle manufacturers, including Tesla, have spent a fraction of that. So, I just think it's ludicrous to assume that the incumbents want respond and that the new disruptive arrivals will win up.