https://www.theinformation.com/articles/the-electric-the-valley-of-death-takes-out-another-ev-maker
On Monday, Proterra broadsided investors with an announcement that it had filed for protection under bankruptcy laws to avoid running out of cash.
https://www.wsj.com/articles/proterra-and-the-anatomy-of-an-ev-failure-125f70db
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Those are pay walled sites, here's some that are free:
https://wattsupwiththat.com/2023/08/12/biden-backed-electric-vehicle-company-files-for-bankruptcy/
https://nypost.com/2023/08/08/biden-backed-electric-vehicle-company-files-for-bankruptcy/
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https://www.barchart.com/stocks/quotes/PTRA/interactive-chart
Previous related threads:
TSLA, NFLX
Started by joj - July 20, 2023, 7:27 p.m.
https://www.marketforum.com/forum/topic/97460/
EVs are a Tough Sell
Started by metmike - May 16, 2023, 9:03 p.m.
https://www.marketforum.com/forum/topic/95238/
Tesla getting obliterated
33 responses |
Started by metmike - Dec. 20, 2022, 6:44 p.m
https://www.marketforum.com/forum/topic/91607/
Are Electric Vehicles About To Sweep The Country?
Started by metmike - Feb. 27, 2023, 1:50 a.m.
https://www.marketforum.com/forum/topic/93452/
https://www.citywatchla.com/index.php/cw/important-reads/26455-the-ev-scamdemic
Energy transition is a hoax
Started by metmike - April 15, 2023, 5:50 p.m.
https://www.marketforum.com/forum/topic/94557/
Lithium Batteries, Cobalt and the Congo
Started by joj - Jan. 5, 2023, 7:53 p.m.
https://www.marketforum.com/forum/topic/91944/#91950
NEW: Electric cars are not the solution: Our mechanical engineer chimes in with great points. November 2022 https://www.marketforum.com/forum/topic/90429/
California tells electric car owners NOT to charge vehicles. Energy crisis in California because of unreliable, fake green/anti environmental energy!September 2022 https://www.marketforum.com/forum/topic/8
Democrats’ electric vehicle boondoggle will run way over budget
May 08, 2023
The Inflation Reduction Act was intended, as its title suggests, to reduce inflation. In truth, the moniker is far from accurate.
Despite the IRA’s many energy subsidies and other costly provisions, Senate Democrats promised the law would reduce deficits by more than $300 billion over a decade. Fiscal hawks voiced skepticism of such rosy projections at the time. And subsequent analysis, particularly of electric vehicle tax credits, has proved them right. Data confirm that advocates of the IRA greatly understated its costs, and that the bill is a boondoggle, primed to sap still more funds from the already dangerously indebted American public.
A recent Goldman Sachs report estimates that the IRA’s green energy subsidies will likely cost taxpayers $1.2 trillion over the next decade. That’s more than three times the Congressional Budget Office’s projected $391 billion. Clean vehicle subsidies are a prime culprit: Although forecasted to cost just $14 billion, they may cost roughly $390 billion, according to analysis from the Brookings Institution. Another issue is the tax credit to manufacturers for EV battery cells and modules. While the CBO tagged this program at $30.6 billion, the Mercatus Center’s Christine McDaniel explains its true cost could reach $196.5 billion.
Government subsidies generally cost more than expected. First, policymakers have political incentives to obscure their proposals’ true costs with budget gimmicks and other deceptions. It’s also a matter of basic economics. When something becomes cheaper, more consumers will purchase it. Thus, when Washington offers generous tax credits, they are artificially lowering the production and consumer prices associated with EVs. Rational economic actors reorient their financial plans accordingly. Consumers who would otherwise buy a cheaper traditional car may now choose a subsidized EV. But such subsidies alter vehicles’ prices, not their costs. The difference will be paid by American taxpayers.
Perhaps worse, Democrats’ enthusiasm to turn consumer vehicles electric is fundamentally ill-considered. “Transportation may be 20 percent of emissions, but cars and vans represent only 8 percent, and 72 percent of these are personal vehicles—which means they sit idle most of the time,” observes Holman W. Jenkins Jr., a member of the Wall Street Journal’s editorial board. “Global society’s personal vehicles may be a majority of cars, but they account for a minority of light-vehicle emissions—about 39 percent, or 3 percent of total emissions,” he adds. Jenkins Jr. further calculates that, given America’s share of the global fleet (12%), and EVs’ typical 50% lifetime emissions reduction, even the most hard-line EV mandates would eliminate just 0.18% of total emissions.
The IRA’s EV incentives will promote market inefficiencies that will further burden American industry and consumers. “Economics is the study of the use of scarce resources which have alternative uses,” economist Thomas Sowell writes in Basic Economics. Prices, if left undistorted by governments, direct market actors toward using scarce resources with maximum efficiency. When governments intervene, businesses often choose less efficient strategies in pursuit of subsidies. This is exactly how the IRA is playing out: The bill incentivizes manufacturers to produce higher-cost EVs to the exclusion of cheaper and otherwise more profitable traditional vehicles.
Similarly, the law ties subsidies to domestic production, which may well cause manufacturers to forgo more profitable foreign investments to build domestically. Indeed, Tesla reportedly did just that. Such inefficiencies, however hard to quantify, increase prices for consumers and should not be discounted in policy analysis.
Moreover, the IRA’s benefits will be enjoyed primarily by well-off Americans, while its costs will land hardest on the poor. EVs are a luxury good. On average, they cost $61,500, while traditional vehicles cost just $49,000. According to data from 2020, 57% of battery EV owners earn six figures annually, and 53.6% are aged 55 or older. In short, the IRA cuts a thick slice of pork for financially stable Americans at everybody else’s expense.
Meanwhile, working-class America is still struggling to find affordable transportation. New car prices soared as never before during the pandemic, and the used car market is floating about 30% above pre-pandemic prices. On top of that are outrageous gas prices, to which Biden also contributed immensely. Subsidized inefficiency will not blunt this inflation.
“In politics … the costs of the government’s mistakes are often paid by the taxpayers,” Sowell notes, “while the costs of admitting mistakes are paid by elected officials.” Don’t expect Biden and the Democrats to close out their tab.
Biden's new strategy is to try to capitalize on the current climate crisis hysteria and is now doubling down on the worst bill in history.
Last week, Biden was out campaigning, trying to sell horse manure as filet mignon, using the fake climate scare to bamboozle people!
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Inflation Reduction Act ‘Has Nothing To Do With Inflation,’ Biden Says
https://dailycaller.com/2023/08/11/joe-biden-inflation-reduction-act/
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"While the bill was initially touted as a means of reducing record-high inflation, Biden admitted Thursday that the goal was to promote his climate change policies."
This is what I've been saying all along. He called it the Climate Bill in 2021, then it couldn't pass. Then, when inflation was raging and people were most concerned, he took the exact same bill and renamed it "The Inflation Reduction Act" and it barely passed as he completely lied about how it would curb inflation because he will lie to suit whatever purpose he needs.
Now, after climate change has been bumped up to the biggest concern over inflation, he's telling us that it never was about inflation, he bald face lied all that time because he's a genius and knew that's what he had to do to fix the climate. He's losing his ability to think clearly and is so arrogant, he's actually bragging about something that proves he blatantly lied for over a year.
He just makes up whatever is needed to tell people what he wants them to think.
Much of that money will be flushed down the toilet to help destroy a cheap, reliable energy delivery system (which is greening up the planet with CO2) and replace it with an extremely unreliable, more expensive one that will wreck the planet, kill birds/bats/whale, tear up the earth for raw materials, greatly harm landscapes and ecosystems, then after 20 years dump them into landfills and have ZERO impact on climate change but exploit CO2 for political agenda and crony capitalism which is what the FAKE inflation reduction act is all about.
https://www.marketforum.com/forum/topic/94997/#95004
Fake inflation reduction act. Wind, the energy source from environmental hell. Summer 2022
https://www.marketforum.com/forum/topic/88185/
https://www.marketforum.com/forum/topic/94969/
https://www.marketforum.com/forum/topic/93906/#93912
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Build Back Better = Biden Backed Bankruptcy
Posted toEnergy August 15, 2021 byRoger Aronoff
https://insidesources.com/bidens-ev-boondoggle-is-chinas-big-win/
The sales of electric cars are booming, but the rising demand for transition minerals will pose a challenge for the mining industry.
https://www.mining-technology.com/analysis/concerns-for-mineral-supply-chain-amid-booming-ev-sales/
Another challenge for the future supply chain is that unlike some fossil fuels, many of the minerals essential for EVs are produced in just a handful of countries. Over half of the supply of minerals needed for EV batteries comes from the top three producing countries.
In 2020, Australia was responsible for 48% of global lithium production. For graphite, China is the world’s main supplier, with nearly 79% of global production originating from the country. In the same year, the Democratic Republic of the Congo (DRC) supplied 69% of global cobalt.
With regards to rare earth metals, China has most of them!
https://www.statista.com/chart/18278/global-rare-earth-production/
https://geology.com/articles/rare-earth-elements/
Note the amount of reserves below:
World Mine Production and Reserves | ||
| Country | Production (Metric Tons) | Reserves (Metric Tons) |
| United States | 38,000 | 1,500,000 |
| Australia | 17,000 | 4,100,000 |
| Brazil | 1,000 | 21,000,000 |
| Burma | 30,000 | not available |
| Burundi | 500 | not available |
| Canada | -- | 830,000 |
| China | 140,000 | 44,000,000 |
| Greenland | -- | 1,500,000 |
| India | 3,000 | 6,900,000 |
| Madagascar | 8,000 | not available |
| Russia | 2,700 | 12,000,000 |
| South Africa | -- | 790,000 |
| Tanzania | -- | 890,000 |
| Thailand | 2,000 | not available |
| Vietnam | 1,000 | 22,000,000 |
| Other Countries | 100 | 310,000 |
| World total (rounded) | 240,000 | |
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China Dominates the Rare Earths Supply Chain
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Fossil fuels are their own batteries. The energy is stored in them.
https://wattsupwiththat.com/2023/01/05/the-wind-power-mirage/
https://wattsupwiththat.com/2023/08/24/will-soaring-insurance-costs-derail-the-ev-revolution/
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Mike Maguire
Reply to Steven Mosher
August 24, 2023 1:13 pm
“its my tax dollars and I i vote in people who promise to subsidize EVs, then thats just democracy working”
Very true Steven. What does that say about you then?
Originally published in Master Resource.
https://wattsupwiththat.com/2023/08/23/new-book-green-breakdown-the-coming-renewable-energy-failure/
Green Breakdown alerts the reader to these and other questions:
Mike Maguire
September 3, 2023 1:40 pm
Hurricanes and other severe weather events are associated with widespread electrical power outages.
How does the owner of an electric battery powered vehicle charge their car during one of these outages?
Answer: They don’t!
Generators can provide electricity to keep the battery from dying. However, they create uneven or irregular waves of electrical current that could potentially damage the car’s battery. This can be avoided if you use an inverter to attach to your generator or a generator with an inverter built in.
