They also are working on alternative fuels in a big way. Japan have made some incredible leaps with hydrogen/ammonia based production and fuels, and solid state batteries are looking to be pretty game changing. The EU also included a huge budget to invest in green fuels research (likely because of automotive companies lobbying for it) so plenty is being done. Even if EVs aren't the best currently, increasing the size of the market for them will continue to create investments in serving those markets more efficiently, so we absolutely should keep investing in both.