If it weren’t for government incentives and subsidies, similar to those that helped the wind industry get launched, electric vehicles would cost tens of thousands of dollars moroe than they do. Nearly $49,000 more.
So claimed a first-of-its-kind analysis published by think tank Texas Public Policy Foundation. Energy experts Jason Isaac and Brent Bennett, writing in the TPPF report, claimed the average model year 2021 EV would cost nearly $48,698 more to own over a 10-year period without the staggering $22 billion in taxpayer-funded handouts from the government to electric car makes and owners.
“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,” the report states. “Despite these massive incentives, EVs are receiving a tepid response from the majority of Americans who cannot shoulder their higher cost.”
- The cost of producing electric vehicles (EVs) is far higher than the prices they are being sold for. Nearly $22 billion in federal and state subsidies and regulatory credits suppressed the retail price of EVs in 2021 by an average of almost $50,000.
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