by Katy Grimes, E&E Legal Senior Media Fellow and California Globe Editor
As Appearing in the California Globe
EVs would cost nearly $50K more to own over 10 years without $22 billion in government subsidies
With news reports showing Electric Vehicles stockpiling in car lots, unsold, all across the country, it’s curious that California Governor Gavin Newsom just announced the state surpassed its zero-emission vehicle (ZEV) truck sales goal two years ahead of schedule. And how did California accomplish this? According to the governor, “California has distributed more than $780 million to help fleet operators purchase ZEV trucks.”
Newsom and the state’s environmental lobby are pushing to phase out all internal combustion trucks and big rigs, as they claim that trucks account for over a quarter of the state’s on-road greenhouse gas emissions.
But, people don’t want what Gov. Newsom is selling – not electric trucks or electric vehicles.
And notably, the Ford Motor Company is losing over $70,000 on each EV it currently sells. Three-decade energy sector reporter Robert Bryce, reported in July, “Ford reported a $1.08 billion operating loss on its EV business during the second quarter. During that span, Ford sold 14,843 EVs. That means Ford lost about $72,762 for each EV it sold. That’s an even bigger loss than what the company saw during the first quarter and they portend even bigger losses ahead. Ford lost $2.1 billion in its EV business in 2022.
Just a few days ago, Bryce reported, “The bloodbath in Ford Motor Company’s EV division continues. On Thursday, Ford reported an operating loss of $1.3 billion in its EV division during the third quarter. That translates into a loss of $62,016 for each of the 20,962 EVs it sold during the period.”