President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.
Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”
The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters. https://nypost.com/2023/08/08/biden-backed-electric-vehicle-company-files-for-bankruptcy/
Something we've learned about EV batteries in the past two days; When the temperature reaches 86 degrees F the battery loses a great deal of its power. Add to this the fact that when temperatures fall below 32 degrees F the batteries lose their power to function. I can only imagine driving I-94 across Michigan, Illinois and Minnesota in the dead of winter. Tow trucks are going to make a fortune--------as long as they aren't EV powered.
No comments:
Post a Comment