The Challenges of Biden's Ambitious Plan to Boost Electric Car Sales

The Biden administration plans to force two-thirds of new cars to be all-electric by 2032, which could hurt the working class and benefit China. Carmakers lose money on every EV sale now, and the industry can't produce 10 times the EVs it does now. EVs don't actually reduce carbon emissions much, and the electricity that powers them is mainly the product of burning carbon fuels. Beijing dominates the supply chain for key components of electric vehicles, and changing that requires enabling massive lithium mining in this country. The consumer market will likely respond by keeping old ICE-cars on the road far longer, and used-car prices will soar.