Because of their sleek, modern designs, a consumer might be led to believe that electric cars are also technological marvels. But, really, most of the purported conveniences and innovations of new EVs are already available in most standard gas-powered cars at a far cheaper price. They are, at best, a lateral technology for most consumers (if you never plan on driving in the cold or long distances.)

Yet, judging from the number of EV spots on television—which have increased by nearly 400% over the past few years—you’d think that everyone was clamoring to buy them. But EV sales have risen only a fraction of the percentage since last year, despite the endless good press, the endless ads, and the endless government subsidies.

Even with over a decade of government help, EVs make up around 9% of all new car sales. And most of these are sold to well-heeled consumers (and government fleets). Electric vehicles are status symbols for the upper class.

Because of low demand and because manufacturers still flood the market, EVs are getting exceedingly difficult to resell. That’s one of the reasons some rental car companies are also selling off their EV fleets.

It’s unsurprising that Ford projected this week that it would lose $5.5 billion on its electric cars this year. In other words, Ford’s profits could spike by 50% if it stopped making EVs.  

CLICK HERE TO LISTEN TO YOU’RE WRONG WITH DAVID HARSANYI AND MOLLIE HEMINGWAY

Last year, the company lost another $5 billion—or around $60,000 on every one of the 20,962 EVs it sold(You can probably get a GT Premium Convertible for $60,000.).

In 2023, Ford lost $4.7 billion on EVs.  

In 2022, Ford lost $2.2 billion on EVs. 

You see the trend.

What kind of sane corporation continues manufacturing a product that loses more money per unit every year and undermines shareholder profits? Well, one that ignores market signals and reacts to distorted government incentives.

Ford, of course, knows that when the EV bubble bursts, they’ll be bailed out by taxpayers. Why not? They were strong-armed by the Biden administration to pledge that 40-50% of all new cars sold by 2030 would be EVs. The Environmental Protection Agency’s greenhouse gas emissions standards demand that all carmakers make 32% of new sales of EVs and Hybrids by 2027. By 2032, no more than 29% of new sales can be gas-powered.

Good luck with that.

As of right now, every major car company sans Tesla loses money on electric vehicles. Honda and General Motors have canceled plans to make new EV models because there’s no demand. Toyota cut global EV production by a third.

All this, even though EVs already come with a $7500 federal tax credit, and in some places up to $12,500. A few years back, a study by the Texas Public Policy Foundation found that the average EV would cost $48,698 without regulatory credits, hidden costs and subsidies. Imagine how few EVs would be sold if consumers were asked to pony up another $50,000.

Even EV stocks, which have significantly fallen from their historic highs, are still artificially propped up by the knowledge that the state will let the industry fail. And it’s not just the cars themselves. There are so many government credits, grants, and loans associated with the EV boondoggle that it’s difficult to keep track.  

For years, the left’s promised “green” manufacturing that revolved around solar panels and EVs. But most green jobs cost taxpayers millions of dollars. We were told that a Jeffersonville, Ohio, plant shared by LG and Honda to make EV batteries had “created” 2,200 jobs. But each of them cost taxpayers somewhere around $4.3 million. There are many similar cases.

Then there are the EV charging stations, where a driver takes a half hour to fill a car’s battery with electricity generated mainly by gas, oil, and coal. These projects are also highly subsidized by federal and state governments. The 2021 Infrastructure and Jobs Act set aside billions to build 500,000 chargers by 2030 for the swarm of EVs about to descend on the nation. Barely any have been constructed. And many of the unreliable fueling stations that have been built sit largely empty because they were created, like so many other centrally planned projects, to fill a nonexistent need.

We keep pumping more dollars into this bubble. Even with endless state inducements, companies like Canoo (which lost $900 million and produced a grand total of 122 cars), Fisker (which filed bankruptcy twice; Failing to pay back a $139 million federal loan), Lordstown Motors (which blew through hundreds millions of dollars, including Ohio taxpayer money, and manufactured 56 electric SUVs total), to name a few EV-related companies, have filed for bankruptcy. Many of them fail to make taxpayers whole.

Before leaving office, Biden handed a $6.6 billion low-interest “loan” to EV maker Rivian so it could finish building a Georgia factory it promised (though it’s something of a stretch to call the company an EV maker, since it can barely do it.)

Rivian was a massively hyped company that was handed unprecedented incentives from Georgia. Its IPO in 2021 was a huge success. Amazon invested more than $1.3 billion into the company. It had a 50,000 wait list for its car. It delivered 920 of them in its first year. The company lost over ten billion in two years.

Let’s face it, those Solyndra guys were pikers.

The Department of Energy doesn’t lend money to Solyndra or Rivian because these companies have the best people, the best ideas, or the best chance of creating self-sustaining jobs. They lend it to companies because state central planners like the idea of solar and EVs to combat an imaginary climate emergency.

Even Tesla, perhaps the only profitable major EV maker in the world right now, would likely see a big dent in sales if federal and state tax credits went away. (Now that Elon Musk is dominating the market, he supports doing away with them. Good, I guess.)

On the bright side, we’re not the only country burning millions on the EV game. Lucid Motors, owned by the Saudi sovereign wealth fund, loses $227,000 for every car it sells. The Chicoms, even with the benefit of cheap labor, lose around $10,000 to $30,000 for every “smart car” they make. EU electric car makers are begging for another bailout.

One of the more popular arguments in defense of the EV industry is that it is just getting started. Give it a chance! Ford had the idea for an electric car in 1913. Tesla rolled out its first Roadster 16 years ago. Since then, the industry has become more and more reliant on the state, not less. The industry would likely collapse without taxpayers. It may collapse even with them.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Now, if people want to buy electric cars, of course they should be able to do it. I know people who love them; the quiet engine, the quick acceleration, the way they look. One assumes there would be a profitable niche market for EVs if the industry significantly scaled back production.

Let’s find out. Because taxpayers shouldn’t be subsidizing their rides.