Instapundit links to a Fox News story on the troubles besetting “green energy.” Both wind energy and electric vehicles are hurting.
Offshore wind projects are struggling to secure financing and stay on track. The biggest blow came last month, when the world’s largest offshore wind developer Ørsted canceled two major projects off the New Jersey coastline, taking the wind right out of Gov. Phil Murphy’s green energy sails. Ørsted is also suspending work on offshore projects in Maryland and Delaware.
According to BloombergNEF, at least half of U.S. wind contracts have or are at risk of being terminated. The causes are typically due to skyrocketing inflation, high interest rates, choked supply chains and financial troubles.
The EV market is also losing steam. Sales are slumping and manufacturers are scaling back on production. Ford Motor Company stands to lose $4.5 billion on its EV business for 2023 and will be delaying many of their EV investments.
General Motors said it was restructuring EV goals, Honda shelved plans to develop affordable EVs with GM, and Hertz said it will slow their rate of purchasing them due to high repair costs. Elon Musk is even considering putting off plans for a $1 billion plant in Mexico.
Most, if not all, manufacturers are reporting major losses per EV sold. Ford lost $62,000 per vehicle in the third quarter; one luxury electric vehicle company lost an astounding $430,000. Countless others are losing tens of thousands of dollars per vehicle, quarter after quarter.
No surprises here for regular readers. We’ve been expecting this, haven’t we?
