LOL.. Government bureaucrats trying to create a market.... Meanwhile, they instead put financial stress on automakers and dealers.... F'ing idiots. Thomas Sowell has it right. The government is no where near capable to doing the things they want it to do, and if they are lucky, they won't make it worse.
https://issuesinsights.com/2024/09/24/the-ev-graveyard/
Last week, the House approved a resolution to block the Biden administration’s emissions rule that would require more than half of the automobiles sold in the new-car market to be electric by 2032. The 215 representatives who voted for the bill, including eight Democrats, are far more in tune with most of the country than the White House. The “deplorables” and “bitter” clingers of the industrialized world are rejecting electric vehicles.
Nationwide, the inventory of unsold EVs had grown by nearly 350% over the first half of 2024, creating “a 92-day supply — roughly three months’ worth of EVs, and nearly twice the industry average,” says Axios, which is 54 days for gasoline-powered vehicles.
Ford, which lost nearly $73,000 on each EV it sold in the second quarter of 2023, continues to yield to reality, now ditching its plans to build a large electric SUV. This “course change,” says Just the News, “comes amid lower-than-expected demand for electric vehicles.”
The company has also “pushed back to 2027” plans for “another electric vehicle project for a pickup truck.”
“Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions,” said John Lawler, Ford’s chief financial officer.
And here’s the market’s message:
“Of the U.S. consumers planning on purchasing a new vehicle in the next 24 months, only 34% intend to purchase an EV, down 14% from 48% in the 2023,” says Ernst & Young’s Mobility Consumer Index, “a global survey of almost 20,000 consumers from 28 countries.”
The story is much the same in Britain. EVs “are losing value at an ‘unsustainable’ rate as a slowdown in consumer demand sends used car prices tumbling,” the Telegraph reported last week. Meanwhile in France, “the EU’s second largest market for battery electric vehicles behind Germany,” deliveries have fallen by a third.
https://issuesinsights.com/2024/09/24/the-ev-graveyard/
Last week, the House approved a resolution to block the Biden administration’s emissions rule that would require more than half of the automobiles sold in the new-car market to be electric by 2032. The 215 representatives who voted for the bill, including eight Democrats, are far more in tune with most of the country than the White House. The “deplorables” and “bitter” clingers of the industrialized world are rejecting electric vehicles.
Nationwide, the inventory of unsold EVs had grown by nearly 350% over the first half of 2024, creating “a 92-day supply — roughly three months’ worth of EVs, and nearly twice the industry average,” says Axios, which is 54 days for gasoline-powered vehicles.
Ford, which lost nearly $73,000 on each EV it sold in the second quarter of 2023, continues to yield to reality, now ditching its plans to build a large electric SUV. This “course change,” says Just the News, “comes amid lower-than-expected demand for electric vehicles.”
The company has also “pushed back to 2027” plans for “another electric vehicle project for a pickup truck.”
“Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions,” said John Lawler, Ford’s chief financial officer.
And here’s the market’s message:
“Of the U.S. consumers planning on purchasing a new vehicle in the next 24 months, only 34% intend to purchase an EV, down 14% from 48% in the 2023,” says Ernst & Young’s Mobility Consumer Index, “a global survey of almost 20,000 consumers from 28 countries.”
The story is much the same in Britain. EVs “are losing value at an ‘unsustainable’ rate as a slowdown in consumer demand sends used car prices tumbling,” the Telegraph reported last week. Meanwhile in France, “the EU’s second largest market for battery electric vehicles behind Germany,” deliveries have fallen by a third.
