The EPA finalized its tailpipe rule Wednesday, which aims for a fleetwide emissions standard target of roughly 57 miles per gallon. The proposal estimates that electric vehicles (EV) would account for 67% of all new light-duty vehicle sales and 46% of new medium-duty vehicle sales by 2032.
It is as if the Biden administration has failed to read between the lines or is completely tone deaf. The majority of Americans are not exactly jumping on the EV bandwagon, and the last several months have been proof positive of that fact. Just look to the car industry.
Ford Motor Company, one of the top auto manufacturers, lost $32,000 per EV and closed out 2023 with close to a $5 billion lost on their EV division. It announced in January that it was slashing its F-150 Lightning truck production in half on account of softened EV sales.
Other companies, like General Motors, Mercedes-Benz, Volkswagen, Jaguar, and Land Rover are also scaling back production levels. Even Tesla, the reigning king of EVs, is expecting growth to slow and is adjusting its manufacturing accordingly.
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Kristen Walker is a policy analyst for the American Consumer Institute, a nonprofit education and research organization. For more information about the Institute, visit www.theamericanconsumer.org or follow us on Twitter @ConsumerPal