That is true. But I mean branching out is something that Western companies should not be afraid of. EV and renewables are no brainers; but legacy firms in the fossil fuel industries are spending millions to prevent change and would rather see the world burn.
Although, to several Western company's credit, they do branch out. Many European energy utilities have mostly diversified away from fossil fuels. The state-backed Danish company, Orsted, completely got rid of their fossil fuel mix, and transitioned 100% to renewable. But Trump cancelling their projects in US East Coast ruined their short term profitability. In any case, Orsted is firm with their full transition to renewable energy.