They can't enter a new market at their own pace when it is eating demand for their existing market. If competitors wait another 10 years to bring a serious EV to market, they won't have the revenue to cover their expenses on their existing ICE business lines, much less fund the capex needed to get into EVs. And most car companies have a lot of debt, so the problem will be even worse.

Right now EVs make up such a minimal percentage of the car market that they aren't making a meaningful dent in ICE demand, but once they hit 10% or more, car companies that don't have a slice of that segment are going to be feeling it financially. I expect there will be major casualties in the car business because of failure to get into the EV market fast enough.