Hoot of the Day: The UAW Demands a ‘Just Transition’ to Electric Vehicles
Massive subsidies and other goodies in the Inflation Reduction Act are not enough to satisfy the United Auto Workers union.
The UAW now seeks a “Just Transition” to EVs. Their new concern is a “race to the bottom” started by Elon Musk.
Question of the Day
How can car manufacturers make money as Tesla cuts prices and the White House and unions demand higher output and wages?
Please consider Elon Musk Squeezes His Electric-Vehicle Competitors
The Inflation Reduction Act includes truckloads of subsidies for electric vehicles, including tax credits for battery makers and consumers. But despite these handouts, traditional automakers still don’t expect to turn a profit on the cars for several years. Ford recently forecast its electric-vehicle division would lose $3 billion this year and committed to getting in the black in 2026.
In the first three months of this year, Ford’s electric vehicles posted a negative 102% operating margin—that is, its losses on electric-vehicles exceeded its sales. Yikes. Ford blamed a battery problem in its much-hyped F-150 Lightning pickup for interrupting production. Even if it weren’t for that, Ford still would have posted a huge loss.
Automakers and the UAW are preparing to begin collective
Article from LewRockwell