Automakers Hit Reverse on Idealistic Electric Vehicle Targets Despite Billions in Biden-Harris Subsidies

Electric Vehicle Charging Station

Automakers have continued to backpedal on electric vehicle (EV) targets over the last year as a slackening of consumer demand has hampered growth despite the billions in subsidies lavished on the industry by the Biden-Harris administration.

A wide array of auto manufacturers have abandoned key EV goals since February, with Volvo, Ford and Mercedes-Benz all dialing back electric quotas or dropping previously planned product lines. The shifts in corporate strategy suggest the EV transition — once touted by auto executives like Ford CEO Jim Farley as the industry’s future — may not be as feasible as once thought due to consumer aversion to lower mileage ranges, a lack of charging infrastructure and higher prices, experts told the Daily Caller News Foundation.

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Possible Bankruptcy for EV Maker Fisker as Industry Hit with Declining Consumer Interest

Fisker electric vehicle on beach with people playing

Electric-vehicle startup Fisker may file for bankruptcy as the declining pace of consumer demand weighs upon the struggling company.

In a March 15 8-K filing with the Securities and Exchange Commission, the company warned investors that “Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024 (the “Interest Payment”) with respect to Fisker’s unsecured 2.50% convertible notes” and that “the Company has a 30-day grace period to make the Interest Payment.”

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Senators Raise Questions about EV Mandates and Subsidies Going to China

The Senate Committee on Energy and Natural Resources has been scrutinizing the intersection of electric vehicle mandates and supply chains to meet them, and how EV subsidies could empower China, which controls a lot of those supply chains.

Sen. Joe Manchin, D-W.Va., chair of the committee, said he doesn’t have any problem with electric vehicles.

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Democrats Support Efforts to Unionize More Auto Plants as EVs Are Projected to Cause Job Losses

Democrats are supporting the United Auto Workers (UAW) labor union’s efforts to unionize more auto plants as electric vehicles are projected to result in job loss across the industry within the next 10 years.

Democrats in Congress passed the Inflation Reduction Act of 2022, which included tax incentives for the purchase of certain electric vehicles as well as funding to expand the EV charging network in the U.S.

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