“Net-Zero Tyranny”

Policymakers have wasted billions chasing a net zero pipe dream. It is time they were held accountable

Profits at the German auto giant Mercedes plunged on Friday as sales of its slick new range of electric vehicles (EVs) went into freefall. Porsche abandoned its sales targets for battery-powered cars amid waning demand from customers. Ford is losing nearly $50,000 (£39,000) on every EV it sells, while Tesla’s profits dropped 45pc. Meanwhile, battery manufacturers such as Germany’s Varta are getting wiped out.

Over the last few days, it has become clear that the EV industry is on the brink of collapse. Hundreds of billions of euros, dollars and pounds have been pumped into this industry by political leaders and the subsidy junkies that surround them – and it is surely time they were held to account for the vast quantities of taxpayer cash that has been wasted.

h/t Mauser

The technology behind the production of EVs, which I regard as EVil, is in my estimation at least 10 years away from perfectibility. Meanwhile, EVs comprise a technical hazard, a convenience disaster, an energy cannibal, a financial liability, and a moral ignominy.

As the Western Standard reports, in Canada, “Big money — something like $52 billion in tax-payer dollars have been allocated to over 13 projects in the form of investment tax credits, production subsidies, and other supporting mechanisms, according to the Parliamentary Budget Officer.” Enacting an authoritarian policy, the federal government is pilfering tax revenues to fund the production and sale of EVs, subsidizing companies that have no accountability and buyers who have no practical sense. 

“… Moreover, Ford’s decision reflects consumers’ mounting resistance to government efforts in the United States and Canada to press them into buying things they simply don’t want. Whether it’s EV sticker prices, range anxiety, the cost of maintenance, repairs and insurance, or resale concerns, car buyers are voting with their wallets with such fervour that mandates for all new-car sales to be EVs by 2035 look less and less likely to hold.”

Things are grim in the automotive industry right now.

First off, there’s a reason I didn’t put this story under my usual #Bidenomics Update, even though it has many components that are attributable to the brilliant Biden economic machinations that have brought us so many of our current difficulties. Not to mention, there are some uniquely American aspects to Stellantis’s problems. But this is also a global slowdown in manufacturing as well as a global climate cult political interference problem, and as much as I’d like, I can’t lay that all at POTATUS and Harris’s feet.

Stellantis CEO makes it clear – blame politicians for EV sales expectations.

The EVs ramp up “is not happening as quickly as the political leadership had expected. what we are seeing in the western world right now is the consumers are not supporting as much the political… pic.twitter.com/COlRepGa9C

— Dan Tsubouchi (@Energy_Tidbits) July 25, 2024

The issue is not just EV’s but quality and tanking sales across the line.

This is serious job loss territory. My guess is the Windsor Battery Plants will be “delayed.”

Company halts construction of $2.7B battery project in eastern Ontario

After breaking ground in 2023, the company building a plant to produce battery components for electric vehicles in a municipality near Kingston, Ont., says it’s delaying construction of the plant citing a slowdown in EV sales.

In a statement to CBC News, Umicore Rechargeable Battery Materials Inc. said Friday that its project in Loyalist Township is impacted by the “significant worsening of the EV market context and the impacts this has on the entire supply chain.”

The project carried a total price tag of up to $2.76 billion and was projected to create 600 jobs in the region back in 2023. According to a news release at the time from Innovation, Science and Economic Development Canada, the federal government was slated to invest up to $551.3 million.

Ford loses nearly $50,000 (£38,700) on every electric car it sells, results from the company show, as traditional manufacturers struggle with the switch away from petrol.

The company posted a loss of $1.1bn for its electric vehicle division, Ford E – equivalent to about $47,600 per car. It sold 23,957 electric vehicles (EVs), an increase of 61pc from a year earlier.

Porsche has abandoned its sales targets for electric vehicles amid waning demand from customers.

The German car manufacturer previously said that EVs would account for 80pc of its new vehicle sales by 2030. But bosses have now watered down that goal, saying sales will depend on uptake and how the technology develops around the world.

It comes after a slew of rival car companies watered down plans for electric models, cast doubt on customer enthusiasm for the technology and expressed support for low-carbon alternatives to petrol known as e-fuels.

h/t DS

Where did the $590 million go?

On Thursday, automaker Ford announced it was changing its plan to build electric vehicles (EVs) at its plant in Oakville, Ontario and was instead going to spend over $2 billion converting the plant to produce heavy-duty pickups, such as the F250.

The symbolism couldn’t be more perfect.