Couple things... There was that guy in Colorado, industrial designer, rich guy (and smart), who some time ago built his own SUV using carbon fiber. Don't remember the mileage, but it was well over 50mpg.
As for ceramic engines, apparently there are production issues
http://en.wikipedia.org/wiki/Ceramic#Other_applications_of_ceramics
There are a couple things working against innovation, aside from the "net return on asset" problem. One is "style" or "fashion." Essentially, style is a form of planned obsolescence. If you can get a new sale because a product is obsolete, you don't have to develop it as well -- the development dollars aren't what motivates purchase. Of course that's short-sighted thinking, but we've built a whole economy on that kind of thinking.
When you really look, the highest returns on investment ("investment" is a bit different than "asset") have always come from basic research. But the payoffs may be obscure, years down the road, and not always in the industry where the investment was made. "The "moon mission" is one obvious example. Spinoffs from that technology fueled the American economy for years, but most NASA programs were eventually cancelled.
There is a way where economic policy (read: taxation) could be set up to reward innovation, just like the capital gains taxes rates aided building industrial plant, when that was needed. BTW, industrial plant doesn't seem to need the boost now. A lot of U.S. companies are cash rich, and employment is still relatively low.
But it isn't politically possible, I suppose. We're getting like the Russian peasants.
(A Russian peasant rubbed a magical lamp, and a genie appeared, offering one wish. "My neighbor has a cow," the peasant said. "So, you want a cow of your own?" the genie asked? "No," was the reply, "I want you to kill my neighbor's cow.")