生产制造是很困难的，拥有正向现金流的生产，更是难上加难。

大型传统汽车制造商，卖车的利润率极低，甚至已经是零利润。他们大多数的利润来源，是售后维修过程中出售零部件赚的钱。因为他们的客户中，70%到 80%的车辆已经过了保修期。

这就跟剃须刀行业一样，剃须刀不赚钱，靠卖刀片赚钱。

Production is hard. Production with positive cash flow is extremely hard.

Large incumbent carmakers sell their cars at low to zero true margin. Most of their profit is selling replacement parts to their fleet, of which 70% to 80% are past warranty.

Like razors & blades.