Two basic realities need to be acknowledged upfront before diving into the latest financial fallout from America’s electric vehicle experiment.
First, you don’t need to be a lifelong gearhead or automotive engineer to understand what’s happening here. Second, even casual observers could see years ago that the government-driven stampede toward an all-electric future was built on shaky ground from the start.
From consumer demand to manufacturing costs, the aggressive push for electric vehicles never matched reality. It was an idea driven more by political ambition than by market logic, and now the consequences are arriving—fast and expensive.
Under the leadership of former President Joe Biden, the federal government made electric vehicles a centerpiece of its broader climate agenda. Reducing emissions became the justification for pouring taxpayer dollars into subsidies aimed at reshaping the auto industry almost overnight.
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