So many people forget that it isn’t just the cost of gas and natural gas that’s going up: all other energy is going up. You can’t replace inexpensive, reliable, dependable energy with expensive, unreliable energy and not think energy costs will not go up
Soaring energy costs threaten to unplug electric car revolution
Rising energy costs threaten to sabotage Boris Johnson’s plans for an electric vehicle revolution, car industry chiefs have warned.
Manufacturing electric cars requires large amounts of energy, while higher bills could also deter drivers from switching from petrol-powered models.
Mike Hawes, the chief executive of the Society of Motor Manufacturers and Traders, said that of all the challenges facing the industry, “the most disturbing one at the moment is obviously rapidly rising energy costs”.
“Already before this price volatility in the UK, we had among the highest energy costs in Europe, and that fundamentally undermines our competitiveness, so times are tough,” he added.
This piece is by the UK Independent, so, of course that’s their focus, and the UK, along with so much of Europe, is much further along the road of skyrocketing energy costs than the U.S. Unless you’re very rich, people are going to make decisions based on various factors in choosing a vehicle, and, if they cannot see a monetary benefit in purchasing an EV, why would they? I can easily make a case that a standard hybrid can benefit people who drive a lot vs a regular vehicle
Civic Touring $29965, average 34 mpg
Insight Touring $30805, average 48Say you drive 12k a year. That's $1411 at $4 a gallon for a year. Insight is $1000. So, in 2 years you're saving money. That makes sense.
An EV which costs and average of $54k will never save you money
— William Teach2 ??????? #refuseresist (@WTeach2) March 24, 2022
An EV, though, doesn’t. Take the Hyundai Kona, as I’ve mentioned. They start at $34K. That’s a long way to go before you break even, especially throwing in the cost of charging. How many years? How many miles? Oh, you get a big federal tax break? Most looking at the lower cost Kona won’t usually have a big tax bill to owe the IRS, right? What if you don’t owe the IRS that much? Or nothing?
(Newsweek) You must have a federal tax liability in the year you purchase an electric car or plug-in hybrid to claim the tax credit. The tax liability must meet or exceed the amount of credit you’re requesting. If, for example, you owe $6,000 in federal taxes, you can only claim a credit of $6,000 – even if the vehicle qualifies for a full $7,500 tax credit. It’s important not to confuse your federal tax liability with the size of the check you have to write by April 15, as your income tax liability also reflects any amounts withheld from your paycheck throughout the year.
So, if you owe $2000, that will be wiped out. If you owe nothing, or are getting a refund, you do not get anything else. That credit is really for rich folks who buy EVs.
The question now is “does the US start seeing the same thing as Britain with EVs?” All because a bunch of cultists are pushing doom from ‘climate change’? If they were smart, they’d make it incremental. But, they push too hard.
Read: Bummer: Skyrocketing Energy Prices Could Harm EV Sales »