Is capitalism slowing the progress of the human race?

Since the only thing that matters in capitalism is profit, it doesn’t pay for companies to release the latest technological advances to the public until they make all their money on the other advances they have made.
Ex. Back in 1999, GM had an electric car that could get 100–140 miles between charges, instead they are selling cars that get a “remarkable” 34mpg as a gas/electric hybrid.
Is this due to the fact that there is much more profit to be made on “efficient” gas engines, before money can be made on electric cars?