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As battery prices fall that will make an EV with the same specs much cheaper than a gas powered vehicle.

The auto manufacturers did not need regulations and subsidies to push the buggy whip manufacturers under. 95% of auto/light truck buyers still vote with dollars for ICE vehicles. In the early automotive days there were cars that ran on electricity and wood (steam) as well, they died natural deaths.

New laws in Red China, Canada and some U.S. states (e.g. California) are forcing the car manufacturers' hands. Will battery/semi-conductor/on-board generation (e.g. hydrogen) change what people want to buy? Maybe, but no electric car gives everything the range of ICE cars provide, and it would be best to let them take their place in the market, be it niche player or dominant force organically, so that the grid can keep up.

In the early automotive days there were cars that ran on electricity and wood (steam) as well, they died natural deaths.

The majority of production steam cars ran on gasoline or kerosene.

I mostly agree, but I can see two reasons to subsidize EV development:

1) It may rather soon be a multi-trillion dollar global industry. Currently Tesla and the USA have a lead, but if we get overtaken by Chinese or European companies we may lose out.

2) complete dependence on oil for transportation has been a long-standing strategic and economic vulnerability. If the national fleet of cars becomes a mix of gas and EVs then we have a fallback if there is again a problem with the oil supply.