A new report from The New York Times reveals a truth that the electric vehicle (EV) business depends on government regulations.
More from reporter Farhad Manjoo:
As a result, electric cars keep getting more popular, even in a time of low gas prices. There are lots of reasons for this, but one above all: The whole industry is being pushed by regulation, both at the federal level and in the nine states that have adopted a zero-emission plan created by regulators in California.
Manjoo goes on to explain how California’s Air Resources Board, which has a special waiver from the Obama administration to set stringent rules on automakers, has been instrumental in forcing EVs on American consumers.
Earlier this month, Core News covered another New York Times report that laid bear how the EV market depends on “generous” tax credits and subsidies. EV sales are plummeting in states where those tax credits are being rolled back.
This dependence on government intervention is not unique to the EV market, either. Recent Securities and Exchange Commission (SEC) filings by Elon Musk’s SolarCity reveal that the maker of solar panels “depends on the availability of rebates, tax credits and other financial incentives.”