Japanese carmaker financials show how the COVID pandemic and the chip shortage continue to challenge them — despite positive fundamentals.

The 50-50 company will be established this year with the goal of starting EV sales and providing mobility services in 2025. The deal is still subject to regulatory approval.

Lexus' only battery electric offering, the UX 300e, chipped in just 5,800 units, a long way from its target of 1 million EVs a year in 2030.

In a world gone gaga for EVs, the redesigned coupe is a no-excuses gasoline-burning 400-hp speedster built for a brand struggling to reignite excitement.

Entering the EV era will require Lexus to not only engineer all-electric cars but reengineer the production process that builds them.