Anyone who was around during the Obama administration has seen this movie before. Obscene amounts of money are lavished on economically and technically unviable ‘green tech’ only for the whole thing to implode.

The Biden-Harris Inflation Increase Act wasted $7.5 billion to pay for electric car chargers for the rich. After the bill was signed in 2021, only 8 EV chargers were built.

The EV industry benefits from massive amounts of subsidies, and ChargePoint, one of the leading EV charging companies, has benefited from direct and indirect government funding.

How’s that going?

A South Bay electric vehicle charging company will lay off 15% of its workforce as it faces a sharp drop in revenue. Campbell-based ChargePoint Holdings announced the cuts in its second quarter earnings report. Though the document did not disclose exactly how many workers will lose their jobs, the cuts should affect approximately 248 employees based on the 1,650 headcount the company reported as of January 31.

In January, ChargePoint laid off 12% of its employees to make up for financial constraints, with hopes of saving $33 million in operating expenses, the company said in a January 10 news release.

More subsidies will be needed. And then taxpayers will be left holding the bag.