{"id":338067,"date":"2024-07-31T08:14:23","date_gmt":"2024-07-31T06:14:23","guid":{"rendered":"https:\/\/climatescience.press\/?p=338067"},"modified":"2024-07-31T08:14:25","modified_gmt":"2024-07-31T06:14:25","slug":"electric-car-fiasco-on-the-brink-of-collapse","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=338067","title":{"rendered":"Electric car fiasco \u201con the brink of collapse\u201d"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From JoNova <\/a><\/p>\n\n\n\n

By Jo Nova<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

It\u2019s hard to keep up with the great EV unravelling<\/h4>\n\n\n\n

The best news for the EV industry this month is that Ford is only losing $50,000 a car now on its electric vehicles. That\u2019s so much better than the $132,000<\/a> it was losing last quarter. But the true economic carnage is deep and widespread. The one sure bet in the world of electric vehicles was Tesla where sales rose two percent in the last quarter<\/a> but their profits plummeted 45%<\/a>. The fire-sale shifted cars but it burned the bottom line. Similarly Mercedes Benz profits were down 21%, mostly thanks to EVs. And Ford\u2019s were down 35% (not surprisingly).<\/p>\n\n\n\n

We knew things were bad when the new invention has a small market share but already half of the owners wanted to go back to the old style.<\/a><\/p>\n\n\n\n

There is trouble even in China where shares in Evergrande New Energy Vehicle<\/a> are down almost 40% so far this year. Apparently some creditors are coming after Evergrande seeking bankruptcy proceedings for two of its EV arms.<\/p>\n\n\n\n

Nearly every major manufacturer is delaying new models or rewriting their targets.<\/a> Ford is delaying several models, and is redesigning a plant in Canada that was going to make EVs to one that will build pick-up trucks with fossil fuel engines. Bentley and Aston Martin have pushed back the launch of their first EVs. Jaguar have said they will drop two of their planned EV models and keep making their gasoline  SUV for longer. Volkswagen diverted $60 billion back into developing ICE cars<\/a>. Suddenly, they\u2019ve all discovered that Hybrid cars are quite interesting.<\/p>\n\n\n\n

Porsche kept their target and dumped it at the same time. They are still (theoretically) aiming to get 80% of its vehicle sales to be electric by 2030.  But they added the clause \u201cif the customers support us\u201d. Anything less than 80% will be the customers fault. Porsche off the hook, eh\u2026<\/p>\n\n\n\n

Someone is going to write a book about how the top industrial heavyweights of the West virtually all fell for the fantasy that we could toss out a century of engineering and ding<\/em>, invent new type of car on command. Discovery in aisle nine!<\/em><\/p>\n\n\n\n

The EV bubble deflates in real time<\/h4>\n\n\n\n

Heads should roll over the electric car fiasco<\/a><\/h3>\n\n\n\n

By Matthew Lynn, The Telegraph<\/em><\/strong><\/p>\n\n\n\n

Over the last few days, it has become clear that the EV industry is on the brink of collapse. Hundreds of billions of euros, dollars and pounds have been pumped into this industry by political leaders and the subsidy junkies that surround them \u2013 and it is surely time they were held to account for the vast quantities of taxpayer cash that has been wasted.<\/p>\n\n\n\n

And it\u2019s not just car makers. It\u2019s bad news for the supply line:<\/p>\n\n\n\n

It is even worse for component manufacturers. Shares in Germany\u2019s Varta are down by 70pc over the last month amid reports that the company may have to be rescued from bankruptcy after making heavy losses on batteries for hybrid sports cars. This week, the Belgium chemicals group Umicore announced a \u20ac1.6bn (\u00a31.4bn) hit, as manufacturers warned of waning EV demand, and it postponed plans for a battery recycling plant.<\/p>\n\n\n\n

As Matthew Lynn says: consumers are increasingly nervous over what may become obsolete technology. That\u2019s got to be the marketing kiss-of-death.<\/p>\n\n\n\n

Western governments threw billions of dollars to inflate this bubble<\/h4>\n\n\n\n

Politicians tried to play God in the car market: In France Macron tossed \u20ac700m at a plan to dominate battery production in partnership with Germany. The Germans burned \u20ac1bn too. But the EU bragged that it spent \u20ac80bn on things to do with EVs, and the US had launched cargo-ships of cash with the Inflation Reduction Act.<\/p>\n\n\n\n

In the end, in the biggest transition of them all, from horse to car, Ford didn\u2019t need a government subsidy to invent a Model T. And customers didn\u2019t need to be forced to buy it either.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The best news for the EV industry this month is that Ford is only losing $50,000 a car now on its electric vehicles. That\u2019s so much better than the $132,000 it was losing last quarter. But the true economic carnage is deep and widespread. The one sure bet in the world of electric vehicles was Tesla where sales rose two percent in the last quarter but their profits plummeted 45%. The fire-sale shifted cars but it burned the bottom line. Similarly Mercedes Benz profits were down 21%, mostly thanks to EVs. And Ford\u2019s were down 35% (not surprisingly).<\/p>\n","protected":false},"author":121246920,"featured_media":338072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818341,691828684,691829914,691818051,691820695],"class_list":{"0":"post-338067","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-china","9":"tag-chinese-electric-vehicles-evs","10":"tag-electric-car-fiasco","11":"tag-germany","12":"tag-volkswagen","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-40.jpeg?fit=1024%2C1024&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1pWH","jetpack-related-posts":[{"id":285981,"url":"https:\/\/climatescience.press\/?p=285981","url_meta":{"origin":338067,"position":0},"title":"The EV bubble popped: VW orders are down 50%, Ford loses $38,000 on each car, Toyota chief, says \u201cpeople are waking up\u201d","author":"uwe.roland.gross","date":"01\/11\/2023","format":false,"excerpt":"Errr, what\u2019s going on here? Several automakers, including Ford and GM, recently announced they would be delaying key parts of their EV rollouts. From JoNova By Jo Nova Godzilla Image by\u00a0seanselbie\u00a0from\u00a0Pixabay Last week the EV bubble popped It\u2019s been a crushing week for the EV industry as the bad news\u2026","rel":"","context":"In \"electric vehicles (EVs)\"","block_context":{"text":"electric vehicles (EVs)","link":"https:\/\/climatescience.press\/?tag=electric-vehicles-evs"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-6.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-6.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-6.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-6.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":337866,"url":"https:\/\/climatescience.press\/?p=337866","url_meta":{"origin":338067,"position":1},"title":"Heads should roll over the electric car fiasco","author":"uwe.roland.gross","date":"28\/07\/2024","format":false,"excerpt":"Policymakers have wasted billions chasing a net zero pipe dream. It is time they were held accountable","rel":"","context":"In \"Automotive industry\"","block_context":{"text":"Automotive industry","link":"https:\/\/climatescience.press\/?tag=automotive-industry"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG.yx_C2rcCyzGheFi.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG.yx_C2rcCyzGheFi.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG.yx_C2rcCyzGheFi.jpeg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG.yx_C2rcCyzGheFi.jpeg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":285941,"url":"https:\/\/climatescience.press\/?p=285941","url_meta":{"origin":338067,"position":2},"title":"Study: Cost of \u2018fueling\u2019 an electric vehicle is equivalent to $17.33 per gallon","author":"uwe.roland.gross","date":"01\/11\/2023","format":false,"excerpt":"The complete costs of \"fueling\" an electric vehicle for 10 years are $17.33 per equivalent gallon of gasoline, a new\u00a0analysis\u00a0from the Texas Public Policy Foundation says. BY\u00a0KENNETH SCHRUPP\u00a0 An electric vehicle driver makes use of a charging station in Seattle.\u00a0Photo courtesy of the City of Seattle. The study authors say\u2026","rel":"","context":"In \"$17.33 Per Gallon\"","block_context":{"text":"$17.33 Per Gallon","link":"https:\/\/climatescience.press\/?tag=17-33-per-gallon"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0westernstandard_2023-10_20d7ac8b-57aa-44df-b263-e71c88e0733a_IMG_1881-1.webp?fit=768%2C432&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0westernstandard_2023-10_20d7ac8b-57aa-44df-b263-e71c88e0733a_IMG_1881-1.webp?fit=768%2C432&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0westernstandard_2023-10_20d7ac8b-57aa-44df-b263-e71c88e0733a_IMG_1881-1.webp?fit=768%2C432&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/0westernstandard_2023-10_20d7ac8b-57aa-44df-b263-e71c88e0733a_IMG_1881-1.webp?fit=768%2C432&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":418054,"url":"https:\/\/climatescience.press\/?p=418054","url_meta":{"origin":338067,"position":3},"title":"The EV bubble, or what\u2019s left of it, popped this week","author":"uwe.roland.gross","date":"21\/12\/2025","format":false,"excerpt":"After carmakers invested billions into EV designs, and the EU and UK vowed to ban internal combustion engines, it\u2019s all come undone. Donald Trump pulled the pin on subsidies for EVs and eased the strict emissions rules that punished petrol and diesel cars. US sales of electric cars promptly fell\u2026","rel":"","context":"In \"electric vehicles (EVs)\"","block_context":{"text":"electric vehicles (EVs)","link":"https:\/\/climatescience.press\/?tag=electric-vehicles-evs"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/12\/AQOp8H41hHwURek6wmICQCdXiWs5UZbgUp3y9Fb-Ps7j5Mg9U5Ml2lUu9vGWtVGzGhWDInZW95KDHlcoCCgkEXDDitS_MWer7d4LbKidv7-NbgNREc4BSbJhUeDyLDLFZvKHlGclebD5zO98MM6z9Np6TwCzew.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/12\/AQOp8H41hHwURek6wmICQCdXiWs5UZbgUp3y9Fb-Ps7j5Mg9U5Ml2lUu9vGWtVGzGhWDInZW95KDHlcoCCgkEXDDitS_MWer7d4LbKidv7-NbgNREc4BSbJhUeDyLDLFZvKHlGclebD5zO98MM6z9Np6TwCzew.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/12\/AQOp8H41hHwURek6wmICQCdXiWs5UZbgUp3y9Fb-Ps7j5Mg9U5Ml2lUu9vGWtVGzGhWDInZW95KDHlcoCCgkEXDDitS_MWer7d4LbKidv7-NbgNREc4BSbJhUeDyLDLFZvKHlGclebD5zO98MM6z9Np6TwCzew.jpeg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/12\/AQOp8H41hHwURek6wmICQCdXiWs5UZbgUp3y9Fb-Ps7j5Mg9U5Ml2lUu9vGWtVGzGhWDInZW95KDHlcoCCgkEXDDitS_MWer7d4LbKidv7-NbgNREc4BSbJhUeDyLDLFZvKHlGclebD5zO98MM6z9Np6TwCzew.jpeg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/12\/AQOp8H41hHwURek6wmICQCdXiWs5UZbgUp3y9Fb-Ps7j5Mg9U5Ml2lUu9vGWtVGzGhWDInZW95KDHlcoCCgkEXDDitS_MWer7d4LbKidv7-NbgNREc4BSbJhUeDyLDLFZvKHlGclebD5zO98MM6z9Np6TwCzew.jpeg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":417997,"url":"https:\/\/climatescience.press\/?p=417997","url_meta":{"origin":338067,"position":4},"title":"The Electric Vehicle Collapse: Wow, That Was Quick!","author":"uwe.roland.gross","date":"20\/12\/2025","format":false,"excerpt":"It was less than three years ago \u2014 early 2023 \u2014 that I was writing about the then-universal government and industry line that electric vehicles (EVs) would soon be taking over the American car market. 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