Biden-backed electric vehicle company files for bankruptcy - Another Biden failure

Truth Detector

Truth Detector

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We've seen this before during the Biden reign of error with Solyndra. Government should NEVER be in the business of picking or choosing economic winners in a free market economy. EVER.

Democrats appear to find it impossible to learn from their mistakes or remember history.

Biden-backed electric vehicle company files for bankruptcy

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.

In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.

He has promoted Proterra several times since taking office, and once virtually toured a facility.

https://nypost.com/2023/08/08/biden-backed-electric-vehicle-company-files-for-bankruptcy/
 
At the time of the tour, Energy Secretary Jennifer Granholm held between $1 million and $5 million in stock of the electric vehicle company, The Washington Free Beacon reported, prompting ethics concerns and calls for her divestment.

Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so. She served on Proterra’s board from February 2017 until just before her Senate confirmation hearing in January 2021.

NYPICHPDPICT000020239158.jpg
 
Biden also appointed Joyce, Proterra’s CEO, to the President’s Export Council in February 2023.

“Through his leadership, [Gareth] Joyce is growing Proterra’s EV battery manufacturing footprint in the United States and accelerating the transition of transit and other commercial vehicles to zero emission solutions,” the White House said in a statement at the time.

Philadelphia purchased a fleet of Proterra buses in 2019 that had to be taken out of service in February of the following year due to defects, the local National Public Radio affiliate reported.

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Truth Detector said:
We've seen this before during the Biden reign of error with Solyndra. Government should NEVER be in the business of picking or choosing economic winners in a free market economy. EVER.

Democrats appear to find it impossible to learn from their mistakes or remember history.

Biden-backed electric vehicle company files for bankruptcy

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.

In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.

He has promoted Proterra several times since taking office, and once virtually toured a facility.

https://nypost.com/2023/08/08/biden-backed-electric-vehicle-company-files-for-bankruptcy/
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Joe Crapitalist crapped his panties.
 
Tinkerpeach said:
The EV market is certainly struggling right now

They are too expensive and too hard to charge up.
Click to expand...

Did you see the advertisement at the top of the page?

Completely New Small Electric Cars For Seniors - The Prices Might Surprise You:

https://search.vyager.com/?rgid=681204&sub=gclid&query=Completely+New+Small+Electric+Cars+For+Seniors+-+The+Prices+Might+Surprise+You:&plcmnt=www.justplainpolitics.com&gclid=EAIaIQobChMI7fOkqPrZgAMViY7RBB09TQ0gEAEYASAAEgL-uPD_BwE

Electric cars have been gaining popularity in recent years, and manufacturers are now catering to a new demographic - seniors. As older adults seek more sustainable and affordable transportation options, carmakers are rolling out completely new small electric cars that are not only practical but also surprisingly affordable.

Another troll fail for you, TinkerBitch.
 
Tinkerpeach said:
EV sales collapse as subsidies and tax credits come to an abrupt halt

https://www.rystadenergy.com/news/e...sidies-and-tax-credits-come-to-an-abrupt-halt
Click to expand...

Electric car sales break new records with momentum expected to continue through 2023

Electric car markets are seeing exponential growth as sales exceeded 10 million in 2022.

A total of 14% of all new cars sold were electric in 2022, up from around 9% in 2021 and less than 5% in 2020. Three markets dominated global sales. China was the frontrunner once again, accounting for around 60% of global electric car sales. More than half of the electric cars on roads worldwide are now in China and the country has already exceeded its 2025 target for new energy vehicle sales. In Europe, the second largest market, electric car sales increased by over 15% in 2022, meaning that more than one in every five cars sold was electric. Electric car sales in the United States – the third largest market – increased 55% in 2022, reaching a sales share of 8%.

Electric car sales are expected to continue strongly through 2023. Over 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year. We currently expect to see 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could account for 18% of total car sales across the full calendar year.


MAGAs soil diapers:
flea.gif

iu
 
Joe Capitalist said:
Electric car sales break new records with momentum expected to continue through 2023

Electric car markets are seeing exponential growth as sales exceeded 10 million in 2022.

A total of 14% of all new cars sold were electric in 2022, up from around 9% in 2021 and less than 5% in 2020. Three markets dominated global sales. China was the frontrunner once again, accounting for around 60% of global electric car sales. More than half of the electric cars on roads worldwide are now in China and the country has already exceeded its 2025 target for new energy vehicle sales. In Europe, the second largest market, electric car sales increased by over 15% in 2022, meaning that more than one in every five cars sold was electric. Electric car sales in the United States – the third largest market – increased 55% in 2022, reaching a sales share of 8%.

Electric car sales are expected to continue strongly through 2023. Over 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year. We currently expect to see 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could account for 18% of total car sales across the full calendar year.


MAGAs soil diapers:
flea.gif

iu
Click to expand...

Your link is referencing numbers from 2022 while mine is referencing numbers from 2023.

You are using outdated data.
 
Tinkerpeach said:
Your link is referencing numbers from 2022 while mine is referencing numbers from 2023.

You are using outdated data.
Click to expand...

Wrong again, tinkerBitch.

Electric car sales are expected to continue strongly through 2023. Over 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year. We currently expect to see 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could account for 18% of total car sales across the full calendar year.

Now go change your diapers, TinkerBitch.
 
Joe Capitalist said:
Wrong again, tinkerBitch.

Electric car sales are expected to continue strongly through 2023. Over 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year. We currently expect to see 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could account for 18% of total car sales across the full calendar year.

Now go change your diapers, TinkerBitch.
Click to expand...

Not surprising you don't provide a link.

lol
 
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