Another Disaster… Obama’s $5 Billion Electric Car Dream Bankrupt and in Shambles
Barack Obama had a dream.
He wanted one million electric cars on the streets in America by 2015.
(Further proof that he’s a community organizer not a businessman)
But, his electric car dream has hit roadblock after roadblock starting with the failed multi-million dollar Fisker Carma boondoggle.
80% of Obama’s green energy loans went to donors – at least 19 companies went bust.
Obama has spent at least $5 billion on electric cars.
Now it looks like the whole electric car push is running out of juice.
Are electric cars running out of juice again?
Recent moves by Japan’s two largest automakers suggest that the electric car, after more than 100 years of development and several brief revivals, still is not ready for prime time – and may never be.
In the meantime, the attention of automotive executives in Asia, Europe and North America is beginning to swing toward an unusual but promising new alternate power source: hydrogen.
The reality is that consumers continue to show little interest in electric vehicles, or EVs, which dominated U.S. streets in the first decade of the 20th century before being displaced by gasoline-powered cars.
Despite the promise of “green” transportation – and despite billions of dollars in investment, most recently by Nissan Motor Co – EVs continue to be plagued by many of the problems that eventually scuttled electrics in the 1910s and more recently in the 1990s. Those include high cost, short driving range and lack of charging stations.
The public’s lack of appetite for battery-powered cars persuaded the Obama administration last week to back away from its aggressive goal to put 1 million electric cars on U.S. roads by 2015.
It was a nice dream.
But, it never was going to work. And, anyone with common sense would have understood this before they blew $5 billion on the failed venture.