We have definitely hit “peak EV” with the news that Apple is canceling a decade-long effort to build its own electric car dubbed “Titan” (one of its most ambitious projects ever). The New York Times noted: “The cancellation is a rare move by Apple, which typically doesn’t shelve such public and high-profile projects.”

The Apple pullback is the latest round of bad news for those who want to force-feed EVs to consumers.

Despite price wars, EV sales rose by just 1.3 percent in the fourth quarter of 2023. Ford is losing $36,000 on each unit sold and just announced it will shut down one of two production shifts for its electric pickup.

Toyota, the one carmaker that has focused on hybrids along with gas cars, has seen its stock price outperform GM (which promised to do away with gas cars by 2035) by 40 percent this past year. Toyota chairman Akio Toyoda says people are “finally seeing reality.”

Despite public resistance, the Biden administration continues to pour subsidies into the EV hole. It’s both foolish and incompetent – for example, it has allocated $7.5 billion to spend on EV chargers, but not a single one was built in 2023.