Comes now the Biden admin with its lofty Green New Deal that mandated wholesale conversion from the internal combustion engine to electric vehicles. To be clear, I am not opposed to electric vehicles.

[For a second, let’s suspend our skepticism as to from whence all that power will come, how it will be distributed by our fragile grid, where the chargers are, how long it takes to charge, and how EV batteries perform in extreme heat and cold. Play along.]

Carmakers — driven by generous government subsidies for their buyers — leapt aboard the train smiling and optimistic. It was a mass hallucination, a bloody love fest.

And then the rains came — customers did not buy the carmakers EVs, inventories grew to troubling levels, and they all re-thought their lofty goals, pushing their mandates to go “all electric” out further and further in time.

The market — as it always does — graded the offerings and said, “Nope.” Continue reading →