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Dead Battery: Obama’s 2011 One Million Electric Car Goal

Written by Gary North on May 2, 2013

In his State of the Union Address in 2011, President Obama called on Congress to fork over more money for electric car subsidies. “With more research and incentives, we can break our dependence on oil with biofuels, and become the first country to have a million electric vehicles on the road by 2015.”

The total number of electric and hybrid cars sold in the USA so far is 87,000. It is clear that there will not be a million of these cars on U.S. highways by 2015 — not even if we wait until December 31.

Yesterday, Coda, one of several companies to cash in on the technology, filed for bankruptcy. The closely held company raised $344 million in capital. It is $50 million in the hole. It owes $100 million.

The company had applied for $334 million in loans from the government. It did not get the money.

The cars sold for $37,000. Then there was a $7,500 tax credit for anyone who bought one — a subsidy for the rich. That was not enough. Total sales: 100 cars.

This is the third electric car-related firm over the last 12 months to go under.

If there is a market for electric cars, the industry needs no government loans or tax credits. All it needs is innovations that satisfy customers. So far, the industry has failed to deliver.

Continue Reading on www.bloomberg.com

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10 thoughts on “Dead Battery: Obama’s 2011 One Million Electric Car Goal

  1. Ronnie says:

    Obama is an idiot, every thing he does fails. Unless your into the Gay thing, I think he is fascinated with them. Because it is also part of what he is, our Country is about ruined because of him and his cronies.

  2. truthbeknown says:

    one million electric cars in the next two years? and just who is going to pay for the increase in electric bills? cause you know with all that extra demand the price of electricity is going to go way up. I think Obama thinks that the electric car is his vw.

  3. Marc Jeric says:

    Production of biofuels requires more conventional energy than the biofuels contain. What a bargain!

  4. Until someone develops a battery that gives a 400 mile range and can be recharged in 10 minutes, or a fuel cell stack that doesn't need enough platinum to stock a jewelry store, the electric car will be a joke.

  5. Seymour Kleerly says:

    Sad to see the Right still protecting the polluters! Perfecting this necessary fuel alternative will require way more Gov. investment until it's viable. We did not get to the moon without billions spent on many mistakes, but the Gov. kept at it.

  6. DEPUTY says:

    This is why Obama shut three or more oil refineries so that he could jack up the price of gasoline. Obama is punishing the American citizen, and hope to force citizens to purchase defective electric cars manufactured by government owned GM!…

  7. It's even sadder to see the left pushing technology onto the market before it's ready. This stuff needs to stay in the lab until it is practical. The *only* thing that needs to be perfected in an electric car is the power source. Everything else is mature technology. The electric motor is older than the gas engine… the rest of the mechanics have over a century of improvements. If the government must fund anything, it's pure R&D no manufacturing yet until they can meet that 400+ mile range with reasonable recharge times. Or a fuel cell that doesn't cost more than a house and is as fragile as an eggshell.
    Comparing things to Apollo is a bit inaccurate… you wouldn't take a Saturn V to the 7-11 for a Slurpee..

  8. Seymour Kleerly says:

    Could you imagine The Right Wing Propaganda machine back in the 60's during the space race. If they had opposed it for some reason, you'd be inundated daily with it's mistakes, high cost and the only picture you's see on Fox News would be Gus Grissom's burned capsule. And you'd buy it without question!

  9. Re: Seymour Kleerly,
    — Could you imagine The Right Wing Propaganda machine back in the 60's during the space race —

    Tell me the truth and tell me that you believe that the fact electric cars do not have the capability to compete or even come close to competing with the internal combustion engine is nothing more than "right wing propaganda".

  10. Seymour Kleerly says:

    I'm not disputing the fact, I'm just saying that the right will fight this progress as hard and as long as possible. They're yet again on the wrong side of progress. You'll NEVER hear a single negative thing about the fossil fuel Industry from them.