China and Europe might disagree with you evaluation of rail roads being ineffective.
Of course we can make some of the same assumptions about highways.
If there was actual competition between these systems we might have a more accurate picture.
But private highways do actually seem to be profitable in some countries.
China invest untold billions in that system, and I don't know enough to say if this is defensible on commercial bases.
Yeah right, let's see if this assertion is true (keep in mind that all infra cost are budgeted into annual revenue). Numbers from 2019 which was not a great year for french companies (2020 was worse, but for everyone):
https://www.businesswire.com/news/home/20200228005403/en/SNC...
So, -300m in 2019, with strikes costing 600m (so a net positive of 300m if not for the yellow vest and strikes). -300m for an EBITDA fo 5+bn, i'd consider that you assertion "The prices costumers reflect do not cover the cost" is false, and rail is profitable. High-speed rail even more so.
But i'd agree that some rails are not sustainable and are only still kept thanks to the profitable ones. But the Paris-Marseille or Paris-Bordeaux are definitly profitable.