What if the big companies are stopping the progress of technology to secure their profits?

There really is this thought that comes to our mind and sometimes it's legit but sometimes, we're just thinking too much. But I would put this thought to legitimacy.
Some big companies are obliged to give officials to their local just to get the favor from them. And if there's some progress that could stop them from making money, they can request the officials to stop the progress. This happens in some countries.
5-10 years from now, cars would be electric IMO.