The End of Private Car Ownership
20th July 2022
The Obama administration pumped billions in taxpayer money into battery and electric car manufacturing, the majority of which failed, on the theory that enough government subsidies would lower battery costs. Not only was much of that money lost, but currently electric battery costs hover around the $160 kilowatt-hour mark. Green boosters cheer that’s far down from over $1,000 per kWh a decade ago, but that still adds up to the reality that an electric car capable of traveling for even short distances needs a battery that alone costs thousands.
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The Nissan Leaf was initially a hit, but car manufacturers quickly realized that anyone willing to overpay that much for substandard performance had money to burn. The electric car market is now thoroughly dominated by luxury vehicles subsidized by taxpayers. And the Leaf went from 90% market share to less than 10%. The EV market is now a taxpayer-funded status symbol.
The dirty truth about the “clean” car market is that it consists of traditional car companies and Tesla frantically trying to unload a limited share of luxury electric cars on wealthy customers to cash in on the emissions credits mandated by states like California. Tesla makes more money reselling these regulatory credits to actual car companies than it does selling cars. Taxpayers and working class car-owners pick up the bill for the entire luxury electric vehicle market.