The Economic and Social Implications of the Radical Embrace of Electric Vehicles
The radical embrace of electric vehicles (EVs) and the ban on traditional cars may have unintended consequences for the economy and affordability of transportation. The push for EVs, driven by environmental goals, could threaten the mobility of middle- and working-class individuals, as EV prices remain high and options limited. Moreover, the transition to EVs may accelerate the deindustrialization of Western countries, benefitting China's dominance in EV production and rare-earth minerals. The environmental benefits of EVs may also be overstated, with minimal impact on global temperatures and the reliance on mining minerals in countries with harsh working conditions. It is crucial to consider a balanced approach to emission reduction and explore diverse technologies rather than solely relying on EVs.
The growth of electric vehicle sales in the U.S. has started to taper off as dealer lots become filled with unsold battery-powered models.