I'm not saying it applies here but isn't that the central thesis of The Innovator's Dilemma? Companies ignore new threats to their business model because changing would make them less profitable in the short term. The implication is reduced profitability, even in the short-term, even to pivot the business to better future opportunities, is painful to management so they avoid it.

In Apple's case cars are far afield from their normal expertise, which is computing. Cars are already a low-margin product for most of the industry. Apple's management may have decided they could be better off not participating at all. Or buying a non-controlling stake in some other EV or car company instead of distracting management with a completely alien business and product line.