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IPFS News Link • Transportation

Automakers slashing EV prices after government subsidies fail to prop up the industry

•, by: Lance D Johnson

In fact, global EV sales took a dramatic nosedive in January of 2023, from China to various countries in Europe to the US.

Falling demand has forced automakers to slash prices and recoup losses. The auto industry can afford to take losses for now because they have enjoyed copious government subsidies over the past year. How far will government go to ram expensive batteries down our throats?

No serious demand for electric vehicles, even with government subsidies pushing them onto the global population

Rystad Energy research shows that only 672,000 units were sold in January, which is about half of the total EVs sold in December of 2022. The EV market share for all passenger cars fell from 23% in December 2022 to 14% in January. In the US, only 80,000 units were sold.

Governments are expected to meet net-zero emissions goals, in accordance with United Nation's agreements on combating "climate change" through the complete elimination of fossil fuels. Governments around the world – from Europe to the US to China – have tried to prop up the EV industry using massive taxpayer funded subsidies. However, as some of these subsidies and tax credits are rolled back around the world, consumers have decided not to venture into the expensive EV market.