Governments are expected to meet net-zero emissions goals, in accordance with United Nation’s agreements on combating “climate change" through the complete elimination of fossil fuels. Governments around the world – from Europe to the US to China – have tried to prop up the EV industry using massive taxpayer funded subsidies. However, as some of these subsidies and tax credits are rolled back around the world, consumers have decided not to venture into the expensive EV market.
The United States government is continuing to incentivize EV purchases through tax credits offered in the “Inflation Reduction Act.” This obscure spending package incentivized automakers to produce more EVs, and this has led to an increase in both EV sales and market share, year on year. But the increases, year on year for the US EV market are only 3 percent, and American’s contribution to the global total is still relatively minimal. If it wasn’t for the Democrat’s market interference in 2022, which includes the huge subsidies in the “Inflation Reduction Act,” then the free market would have left EVs behind and the entire industry would have fallen flat in the US already.‘Chernobyl-scale catastrophe’: Coalition warns against restarting Michigan nuclear power plant
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