True costs of EVs revealed by bombshell report out of a Texas think tank
The electric vehicle industry is barely making it with all the cushy subsidies, grants, and backroom deals… imagine if these car companies were actually forced to manufacture a sellable and profitable product, and produce their own wealth instead of just stealing ours?
Just two days back, a regular AT contributor noted that the Big Three automakers were diminishing E.V. output because, according to The Wall Street Journal, coupled with a “need” to make rechargeable cars more profitable, there is a “slowing demand” for consumers.
Yesterday, Fox News reported on a “sweeping first-of-its-kind” Texas Public Policy Foundation analysis put together by “energy experts” Jason Isaac and Brent Bennett, which revealed that the actual cost of rechargeable cars and the E.V. industry is, in reality, much higher than they’re leading us to believe. From Fox:
According to the TPPF report … the average model year 2021 EV would cost approximately $48,698 more to own over a 10-year period without the staggering $22 billion in taxpayer-funded handouts that the government provides to electric car manufacturers and owners. The analysis factors in federal fuel efficiency programs, electric grid strain, and direct state and federal subsidies.
Prices and costs to push these vehicles and the necessary infrastructure are already through the roof—one E.V. tech outlet asserted that between Joe Biden’s two biggest “accomplishments'' (and I say that in the loosest most sarcastic sense), the Infrastructure Investment Jobs Acts of 2021 and the Inflation Reduction Act of 2022, put that number at $100 billion:
In total, the $100 billion for which EVs are eligible in IIJA and IRA represents nearly 30 times the total EV funding awarded by the U.S. government to date.
“Nearly 30 times” the amount of our money doled out to date. Disgusting. Mind you, this article also specifically notes that this number is “not including tax credits or loan programs” and from Reuters, we learned that under the IRA, each E.V. is eligible for a $7,500 tax credit.
Now, if the energy experts in Texas are right, each car is costing almost $50,000 more than they’re telling us over a ten-year period, which obviously works out to about $5,000 a year. However, I’m not sure the report accounts for this but it’s certainly a relevant point, the U.S. dollar is losing its value at an astonishing rate, so in reality, I presume that over the course of ten years, this number is actually even higher.
One such cost included in the analysis is the “socialized cost” of charging stations. The extra strain on the grid amounts to around $12,000 of the extra $50k, which are “shouldered by utility ratepayers and taxpayers” many of whom, naturally, don’t own a recharge car… like myself.
Also from Fox:
‘It is not an overstatement to say that the federal government is subsidizing EVs to a greater degree than even wind and solar electricity generation and embarking on an unprecedented endeavor to remake the entire American auto industry,’ the report states. ‘Despite these massive incentives, EVs are receiving a tepid response from the majority of Americans who cannot shoulder their higher cost.’
This is exactly what a free market is supposed to correct. Ideas or products that do not bring enough of a benefit, to enough of a population, for a cheap enough cost... are meant to die and will. But, thanks to government, and particularly a socialist Democrat government, stupidity and failure are virtues, and it pays to be a leech. Socialism sucks.
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