Over the past couple of years, the reality has emerged that electric vehicles are not only practical and sustainable, but they are a future that is rapidly becoming the present.

For some people, from raw material suppliers for EV batteries to new and highly innovative manufacturers and dealers who have perfected the art of selling EVs to customers who are not after high-end luxury nor an environmental status symbol, whilst others see it as a threat.

In mid-January 2026, Greg Jackson of Octopus Energy described companies resistant to embracing EVs as a core part of their market as simply the result of being “not very good” in a new and rapidly growing market, in comments published by The Independent.

Specifically, he compared companies actively lobbying to repeal or weaken regulations to the now-defunct video rental company Blockbuster, as well as Nokia, Kodak and Borders.

What is the connection between petrol cars and Blockbuster? Will ICE cars go obsolete? And should the upcoming bans on petrol and diesel cars be upheld, or are critics right that this does not match the reality of the market?

 

What Is A Blockbuster Moment?

In 2000, Blockbuster Video had the chance to buy a struggling online rental company called Netflix. It refused, and ten years later, the latter was a major reason why the former went bankrupt, with just one franchised store remaining as of 2026.

At the time, Blockbuster was the biggest video rental company in the world with a huge chain of physical retail locations, whilst Netflix was an online service providing videotapes and later DVDs by post.

Even at the time, before Netflix launched its video-on-demand service in 2007, it was seen as better value and more convenient than Blockbuster, without late fees or the need to go to a physical store. 

By the time Blockbuster realised its mistake, it was far too late, and attempts to pivot led to the company spiralling into bankruptcy in 2010.

A Blockbuster moment, therefore, is when a successful company fails to pivot and change to meet a new technological and market reality.

 

Other Examples Of Blockbuster Moments

  • Nokia was very slow to develop a smartphone, and when it finally did, its phones were incompatible with everyone else. Blackberry had a very similar trajectory with very similar results.
  • Borders failed to adapt to online shopping and e-readers, ultimately ending up with too much physical retail space.
  • Whilst Kodak technically still exists, it went bankrupt in 2012 due to a failure to adapt to the digital camera market and no longer sells to consumers.
  • The infamous decision to discontinue the GM EV1 in favour of the infamous gas-guzzling Hummer led to the latter being discontinued in 2010, although it has rather ironically been revived as an EV SUV.

 

Will Internal Combustion Engine Cars Become Obsolete?

The spectre of Blockbuster being invoked is a powerful reminder that motoring is fundamentally changing, and the attempts by certain manufacturers and lobbyists to resist this are akin to King Canute telling the tides to go back.

Whilst a decade ago, when EVs were a profitable but expensive niche part of motoring, the question of whether they would be the future compared to hybrid and highly efficient diesel cars was a legitimate question, by 2026 the question instead focuses on who will capitalise on the motoring landscape’s changes.

Mr Jackson’s comments come in the context of attempts to weaken legislation aimed at banning ICE cars outright in favour of more loosely defined “zero emissions vehicles”, using the argument that the “reality of the market” is that the demand for EVs is only driven by subsidies and no organic demand.

Specifically, the claim is that initiatives such as the Electric Car Grant, combined with subsidies from the Chinese government for “new energy vehicles”, created artificial demand only sustained through “unfair” competition practices.

Mr Jackson argues the complete opposite, making the argument that EV manufacturers simply invested the time and money into advanced manufacturing practices, as well as research and development, which allowed them to make high-quality cars at prices far closer to existing ICE units.

He also argues that attempts to stop EVs through removing environmental mandates will ultimately prove unsuccessful, as the floodgates have already opened when it comes to EV battery technology, infrastructure and renewable energy.

This somewhat echoes the failed protectionist strategies that emerged in Europe when Japanese car manufacturers started to export small cars perfectly suited for drivers affected by the oil crisis of the 1970s.

Ultimately, rather than try to turn back the tide, European manufacturers such as Rover were more successful by working with Japanese companies such as Honda to create cars that were more reliable and economical, whilst also improving performance, comfort and prestige.