A study by a conservative think tank has determined that electric vehicles would cost oodles more if it weren’t for all the subsidies.
The study from the Texas Public Policy Foundation (TPPF) found, for example, that the average 2021 electric vehicle “would cost $48,698 more to own over a 10-year period without $22 billion in government favors given to EV manufacturers and owners.”
“EV advocates claim that the cost of electricity for EV owners is equal to $1.21 per gallon of gasoline (Edison Electric Institute, 2021), but the cost of charging equipment and charging losses, averaged out over 10 years and 120,000 miles, is $1.38 per gallon equivalent on top of that. Adding the costs of the subsidies to the true cost of fueling an EV would equate to an EV owner paying $17.33 per gallon of gasoline,” the report reads.
“And these estimates do not include the hundreds of billions more in subsidies in the Inflation Reduction Act (2022) for various aspects of the EV supply chain, particularly for battery manufacturing. It is not an overstatement to say that the federal government is subsidizing EVs to a greater degree than even wind and solar electricity generation and embarking on an unprecedented endeavor to remake the entire American auto industry,” it continues.
Yet, the report notes, the public’s response to this endeavor has been “tepid” primarily because most Americans can’t afford the upfront (not to mention the long-term) costs of an electric vehicle.
“Car lots are swelling with unsold EVs (Muller, 2023), and the Ford Motor Company is losing over $70,000 on each EV it currently sells,” the report notes.
How it started. // How it’s going. pic.twitter.com/YJtfLB1m4a
— “Experts” Posting Their Ls (@ExpertsPostLs) October 24, 2023
The report’s overarching goal is “to analyze how regulatory credits, hidden costs, and subsidies disguise the real cost of electric vehicles (EVs).”
“With the Biden administration’s continued push for electrification and states such as California implementing laws to ban the sale of gas-powered cars by 2035, ‘Overcharged Expectations: Unmasking the True Costs of Electric Vehicles’ reveals the regulatory tricks at play and how these costs are socialized on to taxpayers and gas vehicle owners. This study was also submitted as part of a public comment on the National Highway Transportation Safety Administration’s proposed fuel economy standards,” a press release from TPPF states.
The press release also includes a statement from the report’s author, Jason Isaac.
“The Biden administration and leftist states such as California have pushed for widespread electrification in less than 20 years through government subsidies and coercive regulations, but the price you see in the lot is not the true cost of an electric vehicle,” he said.
“Electric vehicle owners have been the beneficiaries of regulatory credits, subsidies, and socialized infrastructure costs totaling nearly 50 thousand dollars per EV. These costs are borne by gasoline vehicle owners, taxpayers, and utility ratepayers, who are all paying a hefty price for someone else’s EV,” he added.
The report also found that electric vehicles receive roughly 7x more in federal fuel efficiency credits than they actually provide in fuel economy benefits.
Also, the report determined that electric vehicle charging stations will cost roughly $11,833 per electric vehicle every 10 years — costs that will have to be shouldered by taxpayers, regardless of whether they personally own an EV.
In conclusion, the report argued that “the true cost” of an electric vehicle is light years ahead of the cost of a traditional vehicle.
“The stark reality for proponents of EVs and for the dreamers in the federal government, who are using fuel economy regulations to force manufacturers to produce ever more EVs, is that the true cost of an EV is in no way close to a comparable [internal combustion engine vehicle (ICEV)],” the report reads.
“Without increased and sustained government favors, EVs will remain more expensive than ICEVs for many years to come. Hence why, even with these subsidies, EVs have been challenging for dealers to sell and why basic economic realities indicate that the Biden administration’s dream of achieving 100% EVs by 2040 will never become a reality,” it continues.
— BPR (@BIZPACReview) September 20, 2023
According to Fox News, the report’s publication comes as Democrats on both the federal and state levels continue to attack gas-powered vehicles while promoting EVs.
“Biden has set a goal of ensuring 50% of all car sales are zero-emissions by 2030 and his administration has pursued rigorous restrictions on gas-powered vehicles,” Fox News notes.
Most recently, the Biden administration announced new emissions rules that “are significantly more stringent and … cover a wider range of heavy-duty engine operating conditions compared to today’s standard,” as reported by the Environmental Protection Agency (EPA).
The problem, according to truckers like JKC Trucking co-owner Mike Kucharski, is that the new rules could bankrupt truckers and thus destroy America’s supply chain.
Appearing on Fox News’ “Fox & Friends” last month, he explained that the “regulations are not practical and impossible for five reasons,” including the fact that “the costs are astronomical” and “truckers will not be able to afford these things.”
— BPR (@BIZPACReview) September 14, 2023
“A new clean diesel long haul tractor typically costs in the range of $180,000 to $200,000. A comparable battery electric tractor costs upwards of $480,000. That’s about a $300,000 upcharge, [which] is cost prohibitive for the overwhelming majority of motor carriers,” he said in a separate statement to Fox News.
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