The Biden administration lives in an electric car fantasyland, but the profits they’re making off the industry are real.
Most hardworking Americans, many living in rural America, cannot afford an electric vehicle, nor do they want one. Currently, just under 5.4 million hybrid electric cars have sold in the U.S. as of 2019, comprising only 1.6% of all new light-duty vehicle sales between 1999 and 2019. A Tesla that can drive more than 520 miles without needing a new charge has a starting sticker price of $141,190 — far beyond the reach of most Americans.
Yet, the Biden administration has made it their mission to push these electric cars on U.S. consumers. They’ve proposed $174 billion in taxpayer monies to subsidize the industry and aim to build 500,000 charging stations around the country — an investment, White House press secretary Jen Psaki said — that would help “rural and disadvantaged communities.”
Sorry, only rich people own electric cars, and federal funding for the industry is a giveaway to prosperous Democrats who want more money and convenience to live out their green, urban lifestyles.
It’s simply not practical, economic, or worthwhile for middle America. Until the sticker price on these vehicles drops to below $20,000, batteries last longer and can be recycled, there’s confidence the electric grid can support them (parts of California were told last week to unplug their electric cars to reduce power usage because of blackout fears), and they can drive farther than 500 miles without needing a recharge, widespread electric car usage is a pipe dream.
Yet, it’s a pipe dream the Biden administration can’t let go of. Perhaps it’s because they’re so financially invested in the industry. Who cares about middle America when there are profits to be made in the swamp?
Mr. Biden’s Energy Secretary Jennifer Granholm owned up to $5 million in electric battery and vehicle manufacturer Proterra while she actively promoted the company during official administration events. As recently as six days before her confirmation hearing, Mrs. Granholm sat on Proterra’s board of directors.
In April, Vice President Kamala Harris visited a bus company whose main supplier is Proterra. Two days later, Mr. Biden participated in a virtual tour showcasing the company. A few days after that, Proterra Chief Executive Officer Jack Allen was invited to take part in Mr. Biden’s climate summit.
By promoting Proterra, the Biden administration helped increase the company’s value before it went public, allowing Mrs. Granholm to cash in. She garnered a $1.6 million profit on her more than 200,000 shares of Proterra to an undisclosed buyer in May and was able to defer paying capital gains taxes on this sale because Cabinet secretaries are not penalized on assets they are required to sell.
Yet, Mrs. Granholm isn’t the only Biden administration member with a vested interest in Proterra. Mr. Biden’s climate czar Al Gore’s investment firm Generation Investment Management raised $55 million in financing for Proterra in 2017, with Proterra being listed as one the firm’s major green-energy investments.
Major Democratic donors Nicholas and Joby Pritzker are also financially tied to the company. Their firm, Tao Capital Partners, reportedly owns up to 7% of Proterra now that the company has gone public.
It was reported Tuesday that Mrs. Psaki again promoted the company while gaggling onboard Air Force One, and the Washington Free Beacon revealed on Friday a Proterra founder received a one-on-one interview with a Biden Pentagon official offering the company’s assistance in helping them “electrify” the military.
It’s astounding the Biden administration refuses to distance themselves from Proterra, even after it was made public Mrs. Granholm’s and Mr. Kerry’s financial ties to the company. But it is all about them, after all. They’re nothing more than swamp creatures.
As for their concern about blue-collar America?
In May, when asked how the government would be responding in the wake of the Colonial Pipeline ransomware attack that crippled gas supply on the East Coast and led to a spike in gas prices, Mrs. Granholm replied: “We obviously are all-in on making sure that we meet the president’s goals of getting to 100% clean electricity by 2025 and net-zero carbon emissions by 2050. And you know, if you drive an electric car, this would not be affecting you, clearly.”