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Just like Fords “Edsel” model in the 1950s, Trump administration economist Steve Moore cautioned that electric vehicles (EVs) may be the auto market’s “next big flop.”

“Henry Ford’s son was named Edsel, and this was going to be the great car, all of the executives said, ‘This is the car everybody’s going to want to buy.’ Ford made 500,000 of these new sedan cars, but guess what?” Moore said on “Varney & Co.” Monday. “Nobody bothered to ask consumers whether they wanted the car.” 

“And of course, the Edsel was one of the great flops of all time,” the economist continued. “I’m here to tell you, if these trends continue, we’re going to see the EV market become the next big flop because car buyers don’t want them.”

Moores comments come as the EV push at Ford and General Motors hit a speed bump thats cutting into the automakers profits and causing them to reevaluate their electric plans amid a price war and supply chain challenges.

Ford noted in its earnings report released last week that its EV unit posted a quarterly loss before interest and taxes (EBIT) of $1.33 billion an acceleration after a loss of $1.08 billion in the prior quarter. It added that its cutting production of its Mustang Mach-E while scaling back about $12 billion in planned investments in the EV segment, including delaying its second battery plant in Kentucky.

General Motors saw its quarterly profit reduced by about $1.5 billion because of higher costs and the impact of selling more EVs, though it doesnt break out losses from its EV unit in the same way Ford does.

GM CFO Paul Jacobson said that it would abandon an interim goal of building 400,000 EVs from 2022 through mid-2024, instead focusing on a goal of “getting to 1 million EVs of production by the end of 2025 alongside hitting our margin targets.”

“Given the huge losses that these companies like Ford are suffering because of the EV mania, I saw a statistic this morning that Ford is losing something like between $40,000 and $60,000 per car,” Moore reacted. “It’s been a bad bet.”

The economist further argued that auto industry-wide bailouts may be likely amid companies EV losses.

“The federal government is also already offering all of these sweeteners to get people to buy electric vehicles. You get a $7,500, basically, check from the government every time you buy an EV. Let’s not forget that we’re subsidizing the battery companies, all of these things,” Moore noted.

“The taxpayers are paying for these things,” he added. “And yet the most amazing thing is, even with all these sweeteners, Americans are still saying, I don’t want them.”

Speaking to car dealers around the country, Moore reported that their lots “are full of EVs” and only 10% of clients purchase EVs off the lot today.

“I think the car companies would be smart going to hybrids where you can have gas and an electric battery,” the economist and adviser suggested. “But the car companies aren’t making those cars. And the reason they aren’t making them is because the government has increasingly mandate[d] that all cars be EVs.”

FOX Business Eric Revell contributed to this report.

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Environment

Massachusetts launches a two-year V2X pilot program

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Massachusetts launches a two-year V2X pilot program

Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.

These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.

The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.

Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:

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  • No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
  • Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
  • Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
  • Backup power: EV batteries can be used as backup power sources during outages.
  • Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.

Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”

“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.

The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.

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Sports

Ohtani opens spring with solo HR in first at-bat

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Ohtani opens spring with solo HR in first at-bat

GLENDALE, Ariz. — Shohei Ohtani put any concerns about his surgically repaired left shoulder to rest with just one at-bat.

Ohtani crushed a full-count fastball from Yusei Kikuchi over the left-field fence in his first plate appearance this spring Friday night, staking the Los Angeles Dodgers a 1-0 advantage against the Los Angeles Angels.

Ohtani batted twice more, popping out to short in the second inning and striking out swinging in the fifth. He left the game after the fifth inning, as planned.

Friday’s home run comes after Ohtani underwent arthroscopic surgery in November to repair a torn labrum in his left shoulder suffered when diving into second base during the World Series. The 30-year-old, who won his third Most Valuable Player award to cap a dream first season in which the Dodgers captured their eighth World Series title, had been cautious in his return, hoping to ensure he’s healthy for Los Angeles’ season-opening series against the Chicago Cubs in Japan on March 18.

When Ohtani ascended the dugout steps at 6:08 p.m. local time, fans greeted him with a cheer and watched him take three practice swings before stepping into the batter’s box accompanied by a louder ovation. He started the at-bat from Kikuchi, his countryman who joined the Angels this winter, by staring at a 95 mph fastball for a strike. Ohtani took a curveball for a ball, swung through another for a strike, stared at one more low and didn’t bite on an outside fastball before taking a 94 mph fastball into the Dodgers’ bullpen in left field.

Ohtani, in his second season with the Dodgers, continues to rehabilitate his right arm after a second Tommy John surgery, which caused him to not pitch in 2024. He is targeting a return to the mound in May.

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Politics

FTX’s 2-year repayment delay is a ‘win,’ claims trader who predicted FTX’s collapse

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FTX’s 2-year repayment delay is a ‘win,’ claims trader who predicted FTX’s collapse

FTX creditor repayments being facilitated a little over 2 years after FTX’s shock collapse is a “win” given all the jurisdictional issues that were involved, an industry pundit said.

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