I think you are drastically misunderstanding the Nikola/GM deal. It is absolutely no lose for GM. If somehow Nikola takes off then they are supplying them with batteries and some other expertise they have. If it doesn't then the monetary investment, at GM's scale, was nominal. (Basically, if GM makes a mistake on a new car model)
I think the market is drastically underestimating how seriously the entrenched automakers are taking electric. They are coming from behind for sure, but I think one of the things you see consistently with Tesla is they are still very much trying to figure out the manufacturing and logistics pieces of building cars (rolling out new lines, scaling them, etc). The existing automakers know how to do all that. Are they going to make mistakes? Sure, but in 5 years you will see dozens of electric models spread through out them, and that will hurt Tesla.
I think the market is drastically underestimating how seriously the entrenched automakers are taking electric. They are coming from behind for sure, but I think one of the things you see consistently with Tesla is they are still very much trying to figure out the manufacturing and logistics pieces of building cars (rolling out new lines, scaling them, etc). The existing automakers know how to do all that. Are they going to make mistakes? Sure, but in 5 years you will see dozens of electric models spread through out them, and that will hurt Tesla.