Investments in “alternative energy” companies took off in 2020, but all those gains are now gone. General Electric announced that it will post $1 billion in losses in its wind division. The S&P Global Clean Energy Index is down more than 30 percent this year and still dropping. Siemens, one of the premier German manufacturers of wind turbines, saw its stock price crash by nearly 40 percent in one day last week and now wants a 15-billion-euros handout from the German government. It also appears that “Big Oil” is giving up on pretending to be a part of the “green energy” future and is consolidating to produce even more oil and gas in the future.
And in signs that the EV bubble is collapsing, Ford announced that it lost $1.3 billion in its EV division during the third quarter of 2023 – which translates into a loss of $62,016 for each of the 20,962 EVs it sold during the period. The CEO of Mercedes Benz said of the glut of EVs on the market that the public doesn’t want: “I can hardly imagine the current status quo is fully sustainable for everybody.” Even Elon Musk is warning that demand is just not there for this massive, government-driven push for EVs.
Joining us to talk about all this is Jason Isaac, senior fellow of Life:Powered, a national initiative of the Texas Public Policy Foundation and co-author of the brand new report: “Overcharged Expectations: Unmasking the True Cost of Electric Vehicles.” With government so invested with OUR MONEY in these schemes, is it inevitable that a massive financial bailout for these boondoggles is coming?
PRIMARY TOPIC – The Coming Collapse of Green Energy and EVs
Powerline – The Daily Chart: More Red Ink for Green Energy
Powerline – Green Dreams Going Up in Smoke
Reuters – Siemens Energy shares slide 39% after company seeks state guarantees
Plan to Hike Electric Bills 29% Sparks Fury in Wyoming
JunkScience on X – China controls most of the clean tech processing supply chain
EVS ARE NOT SUSTAINABLE
Texas Public Policy Foundation – Overcharged Expectations: Unmasking the True Cost of Electric Vehicles
Daily Signal – Biden Poised to Bail Out Wind Energy Industry, Experts Predict
Wall Street Journal – Brace for the Wind and Electric-Vehicle Bailouts
Reuters – Ford again warns on EV results, withdraws 2023 forecast
GM Authority – GM Delays Launch Of Chevy Equinox EV, Silverado EV RST and GMC Sierra EV
CNBC – GM, Honda scrap plans to co-develop ‘affordable’ sub-$30,000 EVs
Hertz pulls back on EV plans citing Tesla price cuts, high repair costs
Biden climate czar quietly met with flailing EV company dependent on taxpayer handoutshttps://www.foxnews.com/politics/biden-climate-czar-quietly-met-flailing-ev-company-dependent-taxpayer-handouts