My first boss was a young (early 40's... seemed old to me then!) entrepreneurial type, who'd had early success in business, and was just getting into investing the money he had made. He used to like to tell me the stock market was "governed by nothing but fear and greed", this being the mid-1990's when Microsoft stock went soaring above any legitimate company assets or real value.We are seeing what most of us predicted wrt to EVs. The surge is ebbing, and companies are having to back pedal.
I think this is what we're seeing WRT companies investing in and pursuing EV technology. They're afraid to miss the bandwagon, initially greedy or envious in seeing what Tesla was able to do early on, but now seeing this is going to be a hard slog through infantile tech that is just beginning to blossom.
It's inevitable that there are going to be some serious hiccups along the way, and winners and losers that will only be identified in hindsight. Anyone remember Netscape? AOL? Webcrawler? That's where we are with EV's, today.