Warning: EVs Not Happening in 10 Years, “Not a Chance in Hell”

Kevin O’Leary, Chairman of O’Leary Ventures, joined America Reports to discuss Americans not buying EVs even with Biden’s tax credit incentive. Only 29% of Americans would consider buying an EV.

O’Leary explained why it is happening, and it was all predictable.

“There’s two new narratives coming into the EV market. First of all, functionality. Obviously, EVs are terrific if you live in a very dense metropolitan area with easy access to charging stations and even a parking place that has chargers. But where it’s not working is in rural America because, you know, if you’re driving over 200 miles a week, this starts to become a huge problem, and clearly …there’s millions that don’t live inside of cities, particularly after the pandemic.”

People realize EVs are not ready for prime time in rural areas.

“The other narrative that’s very problematic for the entire EV market, and this is in every jurisdiction, whether it’s domestic or international, is EV power; in other words, the cost of filling up your battery is not free anymore. So if you bought a Tesla in the first iteration part of that deal was wherever you plugged in, in a superstation, it was free. That’s not the case anymore. When you plug it into your house, your electrical bill goes up. Where does this power come from?”

It comes from fossil fuels, and the narrative is falling apart a bit.

The host said people are saying things like,  “Thank goodness I have backup gasoline vehicles,” or “With a heat wave, everybody’s cranking up their AC, then charging an electric vehicle at the same time might be a challenge…” One person commented that maybe the batteries will get better in the next decade.

Host,Susan Smith, said, “Let’s remember what the ambitions are of this president to make two-thirds of new vehicle sales in this country electric by the year 2032. That’s less than ten years from now. He also plans to build a network of 500,000 chargers across the country. …where do you get the electricity to fill those chargers and charge the vehicles?

She continued, “And this right now is the average cost of electric, as late as June, $53,438. When you put that up against a gas-powered vehicle, obviously, it’s more expensive. And you have to ask yourself, even those who want the EV, maybe they just can’t afford it yet, Kevin?”

Mr. O’Leary said, “This is becoming a reality for every administration in every state. The move to green is going to take probably four times longer than people envision. Maybe even five times. You can’t do this in 10 years. It’s not even possible or realistic. The infrastructure for power itself needs to be upgraded, and that requires every source of energy we can possibly get our hands on cause wind and solar, simply are not enough.

“And the grid itself, it’s part of the infrastructure spending, has to be upgraded. There’s so much hindrance towards this vision, and I’m not against green at all. I’m just saying everybody should take a deep breath and become realistic on the timetable. Just not going to happen in 10 years. Not a chance in Hell.”

Smith said, “And we all have to take notice of the fact that this puts the government, the US government, in the business of picking winners and losers.

“We have seen that a lot of these companies that supply the parts for the manufacturing these electric vehicles that you’ve even heard the president talk about, they’re not doing well. They’re having to, in some cases, close their doors or file for bankruptcy, and then …the big vehicle makers themselves are reporting sales way down of these EVs,” she said.

Smith continued, “They ramped up production of these things based on expected demand, and it’s just not coming to fruition.”

Mr. O’Leary agreed:

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