Can EV (Electric Vehicle) industry fade away even before starting?

If we observe then we can see that prices of key metals for batteries for electric vehicles like lithium, cobalt, zinc and Nickel are down by 56%, 16%, 14% and 23% respectively as compared to the prices prevailing a year ago. So what does it indicate? 

It indicates that demand for EV has slowed down and consumers and market are uncertain regarding its future viability and success. Many prominent automobile companies like Mercedes, Toyota, etc. have reduced investment in EV projects and has increased investment in hybrid car projects as gasoline based traditional IC engine vehicles are still beneficial and preferred by consumers. The main reasons cited by these automobile companies are that there is huge uncertainty regarding the future prospects of EV as well as doubts persist about its benefits on pollution parameters over the life cycle of an EV.

As such, my view is that since jury is still out regarding environmental benefits of EV, I would suggest that hybrid automobile manufacturing companies would be the overall winner over a long term of 5-7 years. So as an investor, I would recommend investment in non-EV or traditional IC engine and fuel based or hybrid car manufacturing companies.‼️