The automotive industry is on the verge of a technological disruption as more and different alternative fuel vehicles are expected to enter the market soon. Several questions come up for the many who contemplate on the next “standard”. However, industry evolution theories are not unified under what conditions entrant technologies can be successful. Technology transitions are dynamically complex, because of the interdependency of delays in return from R&D efforts, the intertemporal character of learning, investment commitment, technology spillovers, scale economies and other barriers to entry, replacement dynamics, consumer choice behavior, uncertainty in technology valuation, heterogeneity in technologies, and various sources of organizational inertia. This paper introduces a semi-durable goods product life cycle model, with explicit and endogenous technology heterogeneity, product innovation, learning-by-doing investment decisions, and spillovers between the technologies. While motivated by, and its dynamics are discussed in relation to the automobile industry, the model is general in the sense that it can be calibrated for different industries with specific market-, technology-, and organizational characteristics. We explore its dynamics and discuss implications.