Investigative reporter and documentary producer Kevin Stocklin breaks down the move, which helps corporations but doesn’t offer nearly enough for common workers.
President Joe Biden has been promising a huge push for jobs that would “rebuild the middle class” with the help of “Bidenomics,” but what many don’t see is just how much money is being sacrificed to create them.
A new study produced by The Epoch Times indicates that hundreds of billions in federal subsidies for electric vehicle production are merely for corporate giveaways, with in some cases up to $7 million being spent on each job created, which typically pay less than $40,000 per year.
“Taxpayers are going to forgo tens of billions of dollars that are going to be given to some of the biggest corporations in America to build specialty vehicles that consumers don’t seem to want,” Robert Bryce, energy expert and author, told The Epoch Times. “This is another part of what is just a massive miscalculation by policymakers in Washington to try and force automakers and consumers to use electric vehicles, a technology that has been in the marketplace for 120 years.”
Not only that, but the Biden administration has also put regulatory agencies to work to force carmakers to go along with the program. The Environmental Protection Agency (EPA) announced these earlier in the year, setting new emissions standards that would require about 67 percent of new vehicle fleets to be electric by 2032.
Meanwhile, many carmakers are losing billions on EVs, as consumer demand falls short and costs skyrocket. Ford is on track to lose $4.5 billion on the EVs it is selling this year. It sold 12,000 EVs over the first quarter of 2023, but, with each one sold, they’ve lost about $60,000 on average.
“Considering that the Ford Model e average selling price was around $58,000 in the first quarter, the Blue Oval spent $118,000 on average for every EV it sold,” one report stated. “This made Tesla fans joke that Ford should buy a Model Y, slap a Ford badge on it, and still lose less money. The losses are expected to accelerate in the second quarter, as Ford announced an up to $4,000 price cut on the Mustang Mach-E.”
What does this mean for the auto industry and “Bidenomics”? Joining us now to discuss it further is the reporter who wrote the piece for The Epoch Times, Kevin Stocklin. He brings a great deal of expertise behind the ESG industry, which he has applied into a new documentary, The Shadow State, which is currently available to watch on Epoch TV. (Screener available upon request.)
Q&A:
- Why are so many carmakers going along with the Biden administration on environmentally friendly vehicles, particularly when they’re losing money? Are they making a dangerous bet and could it lead to bankruptcies among US automakers?
- EVs have been a niche product, generally for the wealthy. How likely is it that they will become mainstream, replacing the internal combustion engine (ICE)?
- Can automakers source enough raw materials to replace ICE cars with EVs?
- Is the Biden administration’s EV Industrial Policy likely to fair any better than other government attempts to run industries throughout history?
- Will more consumers be interested in electric cars? Or would they prefer to keep driving current cars, even with the high price of gas?
- Even if consumers wanted EVs at the levels that the Biden administration wants, is America’s electric grid capable of charging them all?
- You recently produced a new documentary called The Shadow State, which discusses the impact of its market. Tell us more about it and what it’s done for business over the past few years.
- Where can people view The Shadow State? We understand there’s also a DVD available?
The Shadow State is available right now on Epoch TV. Those interested in purchasing the DVD can do so here.
- Where can we find your recent article about this subject on The Epoch Times, as well as other works you’ve written?
You can find my profile page here, with all my recently written articles, including a piece on what you’re not being told about the Electric Vehicle revolution.
About Kevin Stocklin:
Kevin Stocklin is a writer, film producer, and former investment banker. He wrote and produced We All Fall Down: The American Mortgage Crisis, a 2008 documentary on the collapse of the U.S. mortgage finance system.
CONTACT: Jerry McGlothlin at: geraldmcg@outlook.com or 919-437-0001.
