{"id":68107,"date":"2024-05-16T19:06:57","date_gmt":"2024-05-17T00:06:57","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68107"},"modified":"2024-05-16T19:06:57","modified_gmt":"2024-05-17T00:06:57","slug":"electric-vehicle-subsidies-as-complex-and-costly-as-ever","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68107","title":{"rendered":"Electric Vehicle Subsidies as Complex and Costly as Ever"},"content":{"rendered":"
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Electric Vehicle Subsidies as Complex and Costly as Ever<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n
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Electric vehicles (EVs) may be the most subsidized product in America. Federal taxpayers\u00a0shell out $7,500<\/a>\u00a0every time a new eligible electric vehicle is purchased (usually by wealthy buyers<\/a>). State and local taxpayers\u00a0chip in<\/a>\u00a0an additional $1,500 for each EV purchase. Then, there\u2019s the\u00a0tens of billions of dollars<\/a>\u00a0\u201cinvested\u201d by policymakers into building EV plants. Even these bank-breaking concessions aren\u2019t enough to please the Biden administration. Recently finalized EV tax credit rules\u00a0expand eligibility<\/a>\u00a0for the subsidy while maintaining bizarre trade sourcing rules likely to lead to further tariffs from China. It\u2019s time for President Biden and lawmakers to ditch protectionism and finally end EV subsidies.<\/p>\n

From the start, President Biden\u2019s fumbling approach to EV subsidies has harmed the economy without bolstering ecology. In 2022, the chief executive\u00a0declared<\/a>, \u201c[t]hanks to American ingenuity, American engineers, American autoworkers\u2026 if you want an electric vehicle with a long range, you can buy one made in America.\u201d Prices were already through the roof, with taxpayers being asked to shoulder these pricy purchases. Kelley Blue Book\u00a0estimates<\/a>\u00a0that the average price of a new EV is more than $65,000, compared to $48,000 for gas-powered cars. Biden imposed requirements that EVs must undergo \u201cfinal assembly in North America,\u201d\u00a0contributing to even higher prices for taxpayers and consumers.<\/p>\n

Biden\u2019s rules make production cost-prohibitive by restricting the foreign mineral inputs (e.g., graphite) that could go into tax credit-eligible EVs. The administration has since\u00a0reversed course<\/a>\u00a0and allowed for a grace period for graphite sourcing. However,\u00a0the new rules<\/a>, \u201cintroduce a stricter test for measuring whether 50% of the vehicle\u2019s critical minerals come from the United States or a free trade agreement partner…[requiring] automakers to more precisely account for the value added at each step of the supply chain.\u201d…<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n

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Electric Vehicle Subsidies as Complex and Costly as Ever Electric vehicles (EVs) may be the most subsidized product in America. Federal taxpayers\u00a0shell out $7,500\u00a0every time a new eligible electric vehicle is purchased (usually by wealthy buyers). State and local taxpayers\u00a0chip in\u00a0an additional $1,500 for each EV purchase. Then, there\u2019s the\u00a0tens of billions of dollars\u00a0\u201cinvested\u201d by […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,4],"tags":[34565,34491,33795],"class_list":["post-68107","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-environment","tag-david-williams","tag-evs-electric-vehicles","tag-realclearwire"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68107"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68107\/revisions"}],"predecessor-version":[{"id":68108,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68107\/revisions\/68108"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}