Your right, we have reached peak ICE. They are pushing nearly 200 HP out of a 2.5 liter engine which is very impressive. 10-15 years ago you would need a 3.0 to do that. From what I heard the sky active x engine hasnt sold very well in europe and japan. I do believe ICE engine development will be done in 3-5 years. Its why I was surpirsed to hear Mazda developing an inline 6. I nearly fell on the floor. Its great to see Mercedes and Land Rover using them now as well.Yes, right now electric cars are expensive but the trends are clear, as exemplified by the 5k price reduction for the refreshed and improved Bolt. Ice cars can can only get more expensive with performance and price suffering from ever tightening emissions standards and unfavorable tax treatment. Intense electric car development is just getting going while ice engines have been tweaked for 125 years or so. Potential is largely wrung out as they have become increasing complex and expensive to produce (Sky x).
With the coming of cheaper more energy dense batteries, even average performing EVs will eventually be faster than many high performance gas cars. I think it will not be more than 1/2 dozen years before electrics out number ice sales in the U.S. (sooner in Europe and China) and ice cars slowly fade away and become as irrelevant as steam cars.
Not so sure it's a bad thing.
Biggest problem with electric is the electrical grid handling charging, charging stations being too slow on road trips, and price. Once they get that price down to 30-35k then things will change.