The Electric Vehicle Transition that Isn’t Happening
The Electric Vehicle Transition that Isn’t Happening
https://www.windtaskforce.org/profiles/blogs/the-electric-vehicle-t...
Ford’s losses keep rising as the EV share of auto sales declines.
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Ford F-150 Lightning electric pickup truck is displayed for sale at a Ford dealership in California. PHOTO: MARIO TAMA/GETTY IMAGES
Democrats hail EVs as the “future,” but their auto-dystopia keeps getting deferred, because consumers are refusing to go down that rat hole
Ford and Stellantis and Volvo, this week, joined the conga line of auto makers rolling back EV investments amid flagging consumer demand.
Has the government ever subsidized a product that loses this much money?
Hell, Yes, it is called wind and solar and batteries
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Ford announced Wednesday, it will cancel production of an electric SUV and delay an electric pickup truck.
As a result, it expects to take a $1.9 billion write-down.
Believe it or not, this may be less costly than producing EVs that Americans don’t want.
Ford lost an astonishing $44,000 on each EV it sold in the second quarter and expects to lose $5 billion on them this year.
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Stellantis this week said, it would delay investments to retool its shuttered plant in Belvidere, Ill., for EV production.
The stated reason: “it is critical that the business case for all investments is aligned with market conditions and our ability to accommodate a wide range of consumer demands.”
Imagine that—catering to consumer, rather than government, demands.
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Auto makers’ problem is that California and the Biden Administration are forcing them to make increasing numbers of EVs that are piling up on dealer lots.
Companies are slashing prices to sell them, resulting in hefty losses.
Meantime, Americans are balking at paying more for gas-powered cars, making it harder for the car makers to use those profits to subsidize EVs.
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Such losses and cross-business subsidies aren’t financially sustainable, even with generous government subsidies.
The Biden Administration last year awarded Ford’s joint battery venture a $9.2 billion low-cost loan for three giant electric vehicle battery factories and last month announced a $335 million grant for Stellantis to convert the Belvidere plant to build EVs.
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Inflation "Reduction" Act tax credits can offset the cost of battery production by 30%.
The law also dangles $7,500 for consumers to buy EVs, on top of thousands of dollars in subsidies by many states.
Yet the EV share of auto sales is declining.
One ironic reason may be that climate mandates and regulation have increased electricity prices relative to gasoline.
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Anderson Economic Group estimates that mid-sized EVs cost between $12.61 and $16.11 to fuel per 100 miles, compared to $10.71 for gas-powered models.
For pickups, the cost differential is larger.
CEO Patrick Anderson tells us that market signals (EVs not selling), at least a year ago, were telling Ford not to spend billions on building a big electric SUV.
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None of this matters to the Biden/Harris Administration, which is hell-bent on forcing an EV into every American garage whether it’s wanted or not.
This spring, it ramped up greenhouse gas emissions standards, which will require companies to produce nearly four electric trucks for each gas-powered model by 2032.
The alternative?
Buy regulatory credits from the likes of Tesla. Such credit sales have accounted for half of Tesla’s profit this year.
Kamala Harris in 2019 supported banning the sale of new gas-powered cars in 2035.
When auto makers bleed red ink trying to comply with the government mandates, will she force taxpayers to rescue them?
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Comment
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Comment by Dan McKay on September 5, 2024 at 6:32am
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When the government will not consent to the American people, the government must be replaced
Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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