Without getting into the mechanics/electronics of both, over the next 5 years if EVs/hybrids offer a better overall cost of ownership then , IMO , its lights out for passenger ICEs.
Due to battery weights needed for heavy commercials/ trucks, the Diesel engine will likely last another 20 years IMO.
By the way Toyota USA is only offering new Hybrid Camrys from Jan 1st 2025 and Camry is a big seller in the USA.
the interim, ICE engine manufacturers have been trying utmost to reduce fuel consumption and emissions to in the market . This is mostly tweaking existing engines rather spending billions on completely new ones.
