Ford just cut EV production after $5 billion in losses. Apple gave up on EV’s altogether after losing $10 billion.
— Wall Street Silver (@WallStreetSilv) March 4, 2024
The only companies that are thriving are Tesla, who perfected them, and cut-rate Chinese EV companies that will eat Ford and Volvo for lunch.
None of this matters… https://t.co/B9opROF0Bl
If you haven't ditched your real car for an electric vehicle you are not the only one. The EV dream is dying at least outside Tesla. In short, nobody wants them not nearly enough to cover the billions of dollars that irresponsible car companies have poured into EVs to entertain left-wing journalists and Blackrock.
A few months ago I mentioned that Ford was set to lose 5 and 1/2 billion dollars on EVS this year having already lost 5 billion dollars last year on the Unicorn farts percent age if they drop EVS all together. Indeed, Ford recently announced their halting shipments of the much height Electric F-150 since dealers were refusing to accept trucks that they cannot sell. Ford's now calling off a brand new battery factory that was supposed to create thousands of jobs in Michigan. Meanwhile, Swedish car maker, Volvo, well Chinese car maker Volvo since 2010, said they are cutting off funding for their loss-making EV affiliate altogether. Now, Volvo had been one of the earliest adopters of EVs even promising to stop making gasoline vehicles. So, apparently that's done. Renault canceled its EV IPO. The shares of EV maker Pollstar have fallen 83%. Hertz, the rental company, said it's dumping a third of its EVs; apparently they are too expensive and customers do not want them. Even long time EV cheerleader, Consumer Reports, now concludes they have twice as many problems and are "less reliable than the old fashioneds."
Incidentally Toyota is suddenly the smartest guy at the table after taking heat for years from environmentalists in the mainstream media for being evlaggards for being hopelessly wed to the outdated internal combustion engine insisting customers don't want EVS they want hybrids most and now Toyota's hybrid sales are rising almost 40%, and they don't have billions in EV losses to write off. This all sent Toyota stock price up 80%. Now, as London's Financial Times, one of the fierce's critics, now sheepishly puts it, "Maybe Toyota was right all along."
Meanwhile, those who did drink the Kool-Aid are dropping like flies. In short, companies got bait and switched by government subsidies and left-wing journalists and now shareholders are paying the price. When the dust settles, I imagine the only survivors would be Tesla and its Chinese imitators, who will keep plowing through Beijing's free government money since they don't have to answer to voters.
The green dream is dying far beyond EVs. Megabanks are pulling out of these $68 trillion Climate Action Fund; that's trillions with a "t." Windmills are being canceled across the country or going bust. Politicians are pretending they never heard of green, while the Wall Street Journal writes that "green is the latest dirty word in Corporate America." Why? Because when consumers have a choice, they say, No. Unfortunately, that's only true where they do have a choice. I've talked about incredible jumps and energy prices in failing regimes like Germany or California where green energy is being forced on consumers. So if your utility goes green and jacks the price, you can't opt out even if the EV bloodbath is saying people don't want to go bankrupt paying for climate fairies. Of course, Washington is years if not decades behind the curb. Their lobbyists will keep pouring hundreds of billions of your money into Green Tech that nobody wants. The cronies will make out as they have with every failed green project since Solyndra. And given the sums involved, so a trillion and counting in the U.S. alone, we'll have a whole new generation of rust belts with a whole new generation of taxpayers on the hook for every last penny.
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