EV Bubble Popping… US backs away from forced EV sales targets
Car accident.
By Jo Nova
History shall record the ignominious boom and bust of a car genre forced on citizens so they could produce better weather.
Things are so bad, Joe Biden has even put the brakes on his aggressive EV scheme, stepping away from the 2030 deadline. “It’s just a delay” of course. The plan would have forced car manufacturers to sell 3 EV’s for every 2 cars with a combustion engine by 2030. If customers didn’t volunteer to buy enough EV’s, companies would be forced to jack up prices of the cars everyone wants in order to cross-subsidize the discounted sales of the unpopular EV’s. Car dealers were appalled and said so.
EV sales growing in some places but falling in others. The shift has been so fast the full length of the supply chain is in turmoil. The price of lithium has fallen 90% from it’s peak, nickel has halved. Ford has sacked 1,400 people. GM has cut its workforce by 1,000. Hertz is selling one third of it’s electric fleet and cancelling $3 billion dollars worth of forward orders. A month ago, the biggest political party in the EU decided it would rather drop the ban on petrol and diesel cars.
https://joannenova.com.au/2024/02/ev-bubble-popping-us-backs-away-from-forced-ev-sales-targets/
