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Anyone who was around during the Obama administration has seen this movie before. Obscene amounts of money are lavished on economically and technically unviable ‘green tech’ only for the whole thing to implode.
The Biden-Harris Inflation Increase Act wasted $7.5 billion to pay for electric car chargers for the rich. After the bill was signed in 2021, only 8 EV chargers were built.
The EV industry benefits from massive amounts of subsidies, and ChargePoint, one of the leading EV charging companies, has benefited from direct and indirect government funding.
How’s that going?
A South Bay electric vehicle charging company will lay off 15% of its workforce as it faces a sharp drop in revenue. Campbell-based ChargePoint Holdings announced the cuts in its second quarter earnings report. Though the document did not disclose exactly how many workers will lose their jobs, the cuts should affect approximately 248 employees based on the 1,650 headcount the company reported as of January 31.
In January, ChargePoint laid off 12% of its employees to make up for financial constraints, with hopes of saving $33 million in operating expenses, the company said in a January 10 news release.
More subsidies will be needed. And then taxpayers will be left holding the bag.
Wow. One company that makes electric charges is laying off 15% of its workforce. Truly the end times are upon us.
“Truly the end times are upon us.”
Yes, for Biden, Harris, and the soy boy with the George Costanza mask.
Mr. Greenfield is sharing further evidence of the fact that the green industry is a failure, Add VW’s woes to this mix, along with Ford losing a fortune on EVs; all this happening while government subsidies continue. There aren’t as many virtue signalers as they thought.
In case you missed it: Chargepoint also laid off 12% of its workforce in January. Since they probably didn’t add any significant number of employees in 2024, it looks as if the overall layoffs are around 27%.
Also, revenue is down 28% from 2023.
And a lot of EV owners will be left holding the plug, with no place to use it, other than their own garage.
Elon Musk warned there are not enough lithium batteries in the US to replace those currently in use in EV’s already sold, let alone those being sold. The US does not manufacture any of these batteries here, it is final assembly only with everything coming from China, and Musk warned China has slowed the flow of batteries to the US to a small drip. There is nothing that can be used in place of them. Musk warned this will lead to a crisis the coming years as EV’s will disable themselves when a threshold of low battery capacity in the vehicle is reached. This is a safety feature to prevent catastrophic failures, not that they are not already happening.
I would bet that some enterprising genius will produce a small GAS POWERED GENERATOR to supply the ELECTRICITY for the EV’s drive motors! I’m not sure how big of a generator it would take but I bet SOMEONE knows – don’t they, MR. MUSK?????