Dear Mary Barra, look at what’s happening in the UK—massive subsidies won’t save your overly aggressive EV plans.
Bloomberg (11/1/22) reports: "An automobile industry body in the UK on Friday slashed its full-year outlook for car registrations in the country by 2.2%, as supply chain issues, sky-high inflation and a cost of living crisis threaten to limit consumer spending. Car registrations for 2022 are on track to see its worst year in four decades, the Society of Motor Manufacturers and Traders (SMMT) said. 2022, the SMMT expects 1.566 million new car registrations, down roughly 5% from a year ago, when car registrations were still 28.7% below pre-pandemic levels. Britain's auto market, still reeling from the impact of chip shortages plaguing the globe, has been hit by the cost of living crisis, which has seen consumers limit big-ticket purchases. Still, for October, new car registrations were up 26.4% from a year ago, when registrations were hit due to the fallout from the COVID-19 pandemic and supply chain disruptions. 'A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages,' SMMT Chief Executive Mike Hawes said. However, the industry body said it expects a market recovery to continue through 2023 and registrations for 2023 to be at about 1.8 million units. Deliveries of hybrid electric vehicles (HEVs), meanwhile, soared 81.7% to account for more than one in 10 new cars in October, the SMMT said."
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"Despite the aspirational policies attempting to define a transition away from conventional fuels, actions speak louder than words. Countries are showing every day that they are more interested in affordable energy than in paying a green premium. That’s proving particularly true in light of the energy-price crisis, whether considering China’s interest in buying Russian oil, or climate warrior Germany’s decision to hold onto coal. "
– Katie Tubb,
The Heritage Foundation
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