The negative economic and political implications of the current EV policy are significant. EVs are not practical for most people due to affordability issues and the lack of a reliable charger infrastructure. The average price of a new EV is over $60,000, making them out of reach for many consumers, even with tax credits. The electric version of popular vehicles like the Ford F-150 can cost significantly more than their gasoline-powered counterparts.
Consumers are more willing to consider gas-saving hybrids, which are cheaper and more practical at this time. However, the push for EVs from the Biden administration is seen as unaffordable and turning automobiles into a luxury item for many. Despite this reality, the administration remains committed to their ideology and the potential for profit from government mandates.
The shift to EVs poses challenges for the current auto industry, which heavily relies on traditional gas vehicles. Producing Electric cars requires less domestic labor, which could lead to job losses in states like Michigan and Wisconsin, key swing states in the upcoming election. These political consequences could impact Biden’s re-election chances.
Keep an eye on this. We've seen the Japanese autos struggling in China and now @VW.
There are openings for VW in US EV market, particularly with more ID.4, ID. Buzz and the @Porsche Macan.
A reminder that the EV transition is a global story: https://t.co/eE6dvmHljO
— Corey Cantor🌕 (@CoreyBCantor) March 13, 2024