Ford decides to ditch their all-electric plan

It appears that Shell Oil is really rolling the dice. They will be closing some 1000 Shell branded gas stations in the US in the next few years and have set a target to open some 30,000 electric charging stations in the US by 2030. I just read that today but that may be old news. With the consumer backlash against EV's and the change in the US political scene, I just can't imagine that Shell would be that foolish to take that action. Even in Europe where the EV is somewhat more accepted there is scant consumer interest, so much so that the largest EV battery manufacturer in Sweden has filed for Chapter 11 bankruptcy and if they can't come up with $1.2bn for restructuring, they will liquidate via Chapter 7. Their main customer was VW who is closing three assembly plants in Germany which is unprecedented. The times they are a' changing.

Mike
 
Things are getting crazier by the moment. With all the US majors cutting back or cancelling EV production, the Euro's shuttering EV assembly plants and the Asian producers scaling back and proceeding with caution what was announced today by the Department of Energy?? The Biden administration has approved a $6.6 billion dollar loan to Rivian automotive to build a new assembly plant in Georgia. If you have been watching the EV market you will note that the automakers instead of listening to their customers chose to listen to the bureaucrats and are now paying the price with unsold EV's gathering dust in storage areas by the assembly plants. You would also know that Rivian as of September has already assumed $5.46 billion in long term debt. Doesn't this sound an awful lot like the Enron debacle? The infuriating part is that the DOE is trying to expedite the loan so it is a fait accompli before the next administration is sworn in and can bring this crazy scheme to a halt. Where are we to suppose this $6.6 billion is coming from...?.... why from those good folks who brought you the misnomered Inflation Reduction Act.

More info can be found here...

san.com

Biden administration approves $6.6B loan to Rivian, which has billions in debt

The Biden administration has approved a $6.6 billion loan to EV maker Rivian, despite the company facing significant financial challenges.
san.com san.com

Mike
 
mikesim said:
It appears that Shell Oil is really rolling the dice. They will be closing some 1000 Shell branded gas stations in the US in the next few years and have set a target to open some 30,000 electric charging stations in the US by 2030. I just read that today but that may be old news. With the consumer backlash against EV's and the change in the US political scene, I just can't imagine that Shell would be that foolish to take that action. Even in Europe where the EV is somewhat more accepted there is scant consumer interest, so much so that the largest EV battery manufacturer in Sweden has filed for Chapter 11 bankruptcy and if they can't come up with $1.2bn for restructuring, they will liquidate via Chapter 7. Their main customer was VW who is closing three assembly plants in Germany which is unprecedented. The times they are a' changing.

Mike
Click to expand...
Saw on the news 78 percent of americans dont have a way to charge an EV car. Start ups are coming up with curbside small charging stations but I have to wonder how efficient that is. Not sure about vandalizm either. Havent seen any recent reports on the economics and environmental impact of hybreds over the life of the car, either Chris with the 2006 38 mpg Toyota Matrix. BTW, Consumer Reports is now saying you switch to Top Tier Gas, like I have been preaching for 20 years.
 
In spite of all the government incentives/subsidies, GE announced recently that their wind turbine business managed to lose $1bn dollars last year manufacturing turbines. Also BP announced that they are dropping 18 hydrogen generation projects and concentrating on the areas of their business that provides more immediate returns on investment. Apparently, they discovered that their pockets aren't quite deep enough to sustain continued hydrogen production research. The entire government scheme of renewable energy by 2030 seems to be collapsing around us as engineering reality replaces wishful thinking. How much did we spend for the Inflation Reduction act that seems to have failed to stem inflation and now looks to be failing at renewable energy as well? Looks like we need to hang on to our ICE vehicles, gas stoves and fossil fuel generation a wee bit longer. This would be funny if it wasn't so terribly expensive....
:well1:
Mike
 
It would seem that our imagination exceeds our reach, and is far beyond our skill level.
 
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