Biden has decreed that the auto companies shall produce and the car buyers shall purchase electric vehicles from here on in. Except somebody in the White House forgot to tell Ford. Ford has reportedly cut its 2024 production target for the F-150 Lightning electric truck from 150,000 to 75,000. Why? Because no one is buying them.
The website Zero Hedge notes this is a Steve Moore I-told-you-so:
It appears Stephen Moore’s grim prediction in early November is coming true.
The senior economist at FreedomWorks and former senior economic adviser to President Trump told Fox News in an interview.
“I’m here to tell you, if these trends continue, we’re going to see the EV market become the next big flop because car buyers don’t want them.”
“The obvious lesson for the industry: you can’t bribe Americans to buy cars they don’t want. Given the all-in approach mentality for EVs at Ford and GM, it’s clear that Detroit never got this message,” he wrote.
President Biden has set a goal of 50% of all new vehicles by 2030 being either EVs or plug-in hybrids.