Buffett Also Wrong on Electric Vehicles

The slow market for plug-in electric vehicles has reached global proportions…literally.  An article in today’s Financial Times highlights the struggles that electric vehicles are seeing in China:

Whatever the outcome of the debate, industry analysts say Beijing has been disappointed by slow progress toward developing a domestic electric vehicle industry. China’s highest profile electric vehicle maker, BYD – which is backed by Warren Buffett – has repeatedly delayed plans to commercialise and export its electric vehicles. Government subsidies of up to Rmb60,000 ($9,370) for pure electric vehicles and Rmb50,000 for plug-in hybrids are already available in five Chinese cities on a trial basis, but very few buyers have taken them up.

There’s little surprise here when you consider the many deficiencies of the heavily subsidized plug-in electric vehicle market in the U.S.  You can read my recent Wall Street Journal op-ed on it here.

Margo Thorning

Dr. Margo Thorning has frequently testified as an expert witness on capital formation, tax, energy and environmental policies before multiple U.S. congressional committees. She has also traveled coast to coast to present findings to state and local lawmakers, business organizations and the media on the economic impact of climate change policies on local job and economic growth.

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