At the time Ford was looking to build EVs, and all manufacturers were trying insane things leading into the 1970s, where an oil production crisis severely impacted American drivers. Chrysler made a turbine car that could run on either Jet Fuel or Soybean Oil, some of these are still driving, and are amazing in their own right.

Exxon responded to the 1970s by recognizing that data was going to be a huge part of the world going forward. I'm guessing their early experiences with what was "big data" at the time to do oil field exploration clued them into what was about to happen.

Then the 1980s happened with massive shifts in geopolitical borders and in the energy sector in particular so both companies got cold feet on these long shots that previously seemed existential to their futures. This isn't a particularly surprising story.