You hit the nail on the head. That's exactly the same reason why the big German Auto companies can't build a Tesla rival even though they have more resources.

All the old boys managers of ICE tech run the show and don't want electric to be too successful as their decades of experience in a now outdated tech would put the future of their corporate careers in danger.

Had a similar situation at an ex company where a manger would only allow a crummy outdated tool he developed 10 years ago to be used as that guaranteed his job security.

To move forward you have to find the people holding the company back and cut them off, but that's difficult to see from an upper management perspective.