Since electric vehicles require far fewer parts to assemble and auto makers are losing money on the EVs they sell, the EPA standards could result in a “bloodbath” for the American auto worker.
An analysis by energy expert Robert Bryce found that Ford Motor Company incurred an operating loss of its EV business in 2023 that exceeded its total profit for the year. The company lost $64,731 on every electric vehicle it sold last year.
“Elon’s main innovation is his ability to deploy humanist rhetoric to generate political support for his business ventures. Those businesses have been largely built by gaming the regulatory system and generous public funding,” said Alex Stevens, manager of policy and communications for the Institute for Energy Research.