by Wolf Richter
Wolf Street
Everyone loves more free money. But EVs can stand on their own four wheels, so to speak. Let competition force innovation on automakers.
In my entire lifetime, there has never been so much dynamism and innovation in the previously oligopolistic auto industry. EVs have shaken up that industry. EVs need to beat ICE vehicles on their own, and they’re doing that. But it takes a while because you cannot turn an entire manufacturing industry upside-down overnight. Now comes Congress to muck it up.
I won’t even get into the ridiculous provisions in the proposed EV-incentives bill that discriminate based on whether or not an automaker has a unionized workforce. I’ll just swat that asininity aside with disdain.