Detroit Auto Industry’s Rude Awakening
INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Diana Furchtgott-Roth.
“Driving through rural Georgia, I have yet to see an electric vehicle or a charging station. After promising to eliminate the cars Americans want to buy from dealer lots by 2035, GM and Ford are now waking up to reality. They are cutting back on projections of EV sales and lowering production targets for the cars and batteries.
“Ford Chief Financial Officer John Lawler said on Thursday on a media call, ‘Given the dynamic EV environment, we are being judicious about our production and adjusting future capacity to better match market demand.’ He announced that Ford is postponing $12 billion of spending and investment on EVs, including a Kentucky battery plant, after the September stoppage of its $3.5 billion Michigan–China battery partnership.
“This follows an announcement by General Motors on October 17 that it is pausing expansion of electric pickups ‘due to evolving EV demand.’
“About 6 percent of new vehicle sales were electric in 2022, and President Biden wants to bring this share up to 60% in 2030 and 66% in 2032 through regulations from the Department of Transportation and the Environmental Protection Agency. These regulations would penalize automakers for selling gasoline-powered cars. California is going further, requiring all new vehicle sales to be electric after 2035.”
According to a statement, “Diana Furchtgott-Roth is director of the Center for Energy, Climate, and Environment and the Herbert and Joyce Morgan Fellow in Energy and Environmental Policy at The Heritage Foundation. She is an Oxford-educated economist, a frequent guest on TV and radio shows, and a columnist for Forbes.
“Diana worked in senior roles in the White House under Presidents Reagan, George H.W. Bush, and George W. Bush. She has served as Deputy Assistant Secretary for Research and Technology at the U.S. Department of Transportation; Acting Assistant Secretary for Economic Policy at the U.S. Department of Treasury; Chief Economist at the U.S. Department of Labor; Chief of Staff of the President’s Council of Economic Advisers; and Deputy Executive Secretary of the White House Domestic Policy Council.
“Diana is the author or coauthor of six books and hundreds of articles on economic policy, most recently United States Income, Wealth, Consumption, and Inequality (Oxford University Press, 2021). She received degrees in economics from Swarthmore College and Oxford University.”
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LISTEN TO THE INTERVIEW IN ITS ENTIRETY HERE:
