This line of thinking seems self-contradictory to me. Can that $40k electric be as profitable as the $60k luxury car? If not, why not simply increase the price to make it as profitable and let the market decide? Is there something else that the luxury car offers which the electric does not (i.e. luxury? - The Bolt, for example, is hardly luxurious inside from what I hear).
This is where, IMHO, Tesla got it right. They set out to build the best car they could in its class, which happens to be electric. At first, batteries were expensive. That means the car will be expensive. So they built a car worthy of a $120k price tag (if not more). As they can come down market, they do.
By contrast, the "big 6" are building an EV to a price point. If you build and sell a car for less than $40k, and want to make a profit, you will have to make some sacrifices. To date, that has been largely with the battery itself. As a result, we have small battery, short-range EVs today. They are less desirable than an equivalent $40k gas car as a result. Still, I am glad they built them. I am still driving and enjoying my $35k MSRP 2012 Leaf, which I got for $23k after rebates and incentives.