This was true of smart phones until Apple came along. It's still the case for non-Apple manufacturers: https://www.forbes.com/sites/johnkoetsier/2019/12/22/global-...

Apple's margins are high not because its production costs are much lower than others, but because it has premium pricing. Average cost of a new car in close to 39k USD. How much more can people possibly afford? It's easy for Apple to take the market for 100$ phones and create a market for 1000$ ones. It is much harder to find a market for 390k$ cars.

There is a market for $3 million cars in 2021.

Cars? No. Luxury cars? Possibly.