Progress doesn't happen in labs; it happens in people's minds. A new technology conquers the world not when it becomes cheap, efficient, or sexy, but when people are ready to adopt it. All attempts to speed up the process fail, one by one.

The Wall Street Journal reports:

“U.S. automakers have been pumping the brakes on their electric-vehicle businesses for months, and the costs are piling up.

“Following years of investments into EV technology, the Detroit Big Three—General Motors GM 0.14%increase; green up pointing triangle, Ford Motor; and Jeep-maker Stellantis have announced more than $50 billion in combined write-downs.

“EV sales fell more than 30% in the fourth quarter, after a $7,500 federal tax credit that had juiced U.S. sales expired in September. Demand cratered for the highest-profile EVs, from Tesla’s Cybertruck to Ford’s much-hyped electric pickup. Automakers expect demand to remain muted.”