No one is really making any money on electric car production and sales. Tesla only makes a little profit from selling environmental credits. Musk would be out of business already if it weren't for subsidies and outrageous stock valuations. His move to less expensive models will put even more pressure on Tesla's profitability. The major car manufacturers are painfully ( they would not admit this) entering the EV market because it makes for good PR and in VW's case to help repair the brand image. Profitability will decline for all major car producers that go big in EVs due to needed new investment and higher production costs. In addition, these same companies will see a devaluation of their exiting assets ( engine, transmission production operations).
As demand for raw materials ( lithium, cobalt, etc.) take off for EV batteries and magnets, the prices for these components will also increase. There are no major/significant technologies on the horizon to improve the situation ( battery technology and costs). Yes, solid state batteries will somewhat improve energy density so EV range will improve somewhat. In the end, I think Chinese EV producers will be better positioned if/when raw material availability gets tight. For the foreseeable future the more EVs sold, the higher the cost to produce key components.
I have to laugh about Munro's reviews of the ID.4. He criticizes VW for using more expensive suspension components and applauds Tesla for using cheap suspension components. Tesla is famous for poor build quality. Munro was also totally confused about the CCS plug in the VW. I think he needs to read up a bit before doing his reviews. CCS is becoming the most widely used fast charge standard. Nissan has already announce that they are moving away from CHAdeMO to CCS. That is a deathblow to CHAdeMO. Tesla Model 3 also uses CCS from what I have read.
What could make EVs more profitable is if automakers were required to make only EVs. This would enable all automakers to significantly raise EV prices and, therefore, profitability. I do not see this happening, at least in the US. The EU could more likely make that happen as they generally have shorter driving distances, more developed infrastructure (power distribution, alternate transportation such as modern trains, etc.) but, still, I do not see it happening there unless governments subsidize it.
So my guess is that EVs will continue to increase market share steadily and the ICE powered cars will be around for some time ( particularly in the US and less developed countries) due to their practicality ( range and ease of refueling) and lower cost to purchase.