Auto makers pull back on EV transition

 Daily Signal:

Driving through rural Georgia, I have yet to see an electric vehicle or a charging station. After promising the Biden administration that they would eliminate most of the cars Americans want to buy from dealer lots by 2035, GM and Ford are now waking up to reality. They are cutting back on projections of EV sales and lowering production targets for the cars and batteries.

Ford Chief Financial Officer John Lawler said Thursday on a media call, “Given the dynamic EV environment, we are being judicious about our production and adjusting future capacity to better match market demand.” He announced that Ford is postponing $12 billion of spending and investment on EVs, including a Kentucky battery plant, after it halted its $3.5 billion Michigan-China battery partnership in September.

This follows an announcement by General Motors on Oct. 17 that it is pausing expansion of electric pickups “due to evolving EV demand.”

About 6% of new vehicle sales were electric in 2022, and President Joe Biden wants to bring this share up to 60% in 2030 and 66% in 2032 through regulations from the Department of Transportation and the Environmental Protection Agency. These regulations would penalize automakers for selling gasoline-powered cars. California is going further, requiring all new vehicle sales to be electric after 2035.


But there are four reasons that most Americans prefer to buy cars with internal combustion engines: cost, convenience, climate, and China.
...

The market is not there at this time and is unlikely to be there anytime soon.  I certainly have no interest in an EV.  Some of them could not even make a round trip from my house to Houston on one charge. 

See, also:

Ford pauses a $12 billion EV investment, after saying electric vehicles are too expensive

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