EV sales are still growing, but not as quickly as the administration hoped and more slowly than in many other advanced economies. Inventories have continued to pile up: Despite $2 billion in dealer discounts and generous federal tax credits, stocks of unsold EVs grew by more than 200% in the first quarter. Ford Motor Co., facing heavy losses on EVs, recently said it will shift its efforts from battery-powered models to hybrids and new gas-fueled models.
Drivers in the US are accustomed to much cheaper gasoline than Europeans. They’ve learned to like big vehicles and expect to be able to drive them great distances.
With current technology, this puts EVs at a serious disadvantage.
The Biden administration’s subsidy-first approach falls short. Making EVs cheaper doesn’t make owning and driving a gas-powered vehicle any more expensive, which blunts the policy’s effect.
The conspicuously slow rollout of charging stations has added to the “range anxiety” that preoccupies many potential buyers. Complaints that EVs are less reliable than promised and more expensive to repair and insure have also made them a hard sell.
Biden’s focus on creating “good jobs” at home in EV and battery manufacturing now poses a further risk — that the administration will try to put things right by raising tariffs and tightening restrictions on imports
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