From Fox News (edited for brevity; emphasis added):
About half of General Motors’ 2,000 Buick dealers have accepted a voluntary buyout program due to their reluctance to sell electric vehicles. Additional dealers may opt to take the buyout instead of making the EV-related investments that GM required for them to continue selling Buicks, as GM is planning for the brand’s vehicles to be 100% electric by 2030. Last year, GM told the dealers to invest at least $300,000 to facilitate the selling and servicing of electric vehicles, according to the Wall Street Journal. Cadillac dealers also accepted a huge number of buyouts, reducing current locations by about one-third, driving the number of dealerships from 875 at the beginning of 2021 to less than 560.
A coalition of more than 3,000 auto dealers nationwide sent an open letter to President Biden, calling on him to "tap the brakes" on his administration's aggressive electric vehicle (EV) push. The dealers noted that the best indicator of customer demand in the auto marketplace is how EVs are stacking up in their lots. The letter further noted that there are many issues facing the EV industry such as lacking charging infrastructure, energy grid instability and a lack of reliable mineral supplies vital for EV batteries. The coalition — which includes dealers located in all 50 states and who collectively sell every major car brand — is taking particular aim at the Biden administration's tailpipe emissions standards released earlier this year which are the most aggressive federal regulations of their kind ever issued.
Under the regulations proposed by the EPA, the majority of new vehicle purchases will be electric within a decade.The EPA's tailpipe regulations will impact car model years 2027 through 2032. Under the regulations, 67% of new sedan, crossover, SUV and light truck purchases, up to 50% of bus and garbage truck purchases, 35% of short-haul freight tractor purchases, and 25% of long-haul freight tractor purchases could be electric by 2032. Biden previously set a goal of ensuring 50% of car purchases are electric by 2030. The White House said the rules would provide a "clear pathway for a continued rise in EV sales."
Gas-powered cars represented 93% of all new car sales in 2022, according to a report from the Alliance for Automotive Innovation. And EVs remain far more expensive and less efficient than alternatives. In addition, experts have warned that switching too quickly to EVs may present a national security risk given China's dominance of the global EV industry.
According to the International Energy Agency (IEA), for example, China produces about 75% of all lithium-ion batteries, a key component of EVs, worldwide. The nation also boasts 70% of production capacity for cathodes and 85% for anodes, two key parts of such batteries. In addition, more than 50% of lithium, cobalt and graphite processing and refining capacity is located in China, the IEA data showed. Those three critical minerals, in addition to copper and nickel, are vital for EV batteries and other green energy technologies. Chinese investment firms have also been aggressive in purchasing stakes in African mines in recent years to ensure a firm control over mineral production.
Welcome to the era of policy-based evidence-making.
Difficile est saturam non scribere (Juvenal)