Inflation reduction act was not about inflation, it was about feds spending your money on green energy projects
In August 2022, when the
Inflation Reduction Act was signed into law, it became the most significant investment in climate that the United States has ever made, making long-term, transformational investments in clean energy deployment, manufacturing, electric vehicles and buildings, and targeted investments to support communities disproportionately impacted by our energy system.
The Inflation Reduction Act includes an expansion of clean electricity tax credits and the creation of manufacturing tax credits.
www.forbes.com
And most of us know, government has wasted hundreds of billions on failed green energy projects over a bunch of recent years, including Bidens recent electric car mandate push bankrupting car companies who are making cars no one wants. And it is happening to EU car makers also.
Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.
Ford, like most automakers, has announced plans to shift from traditional gas-powered vehicles to EVs in coming years. But it is the only traditional automaker to break out results of its retail EV sales. And the results it reported Wednesday show another sign of the profit pressures on the EV business at Ford and other automakers.
The EV unit, which Ford calls Model e, sold 10,000 vehicles in the quarter, down 20% from the number it sold a year earlier. And its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry. That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit.