The latest news on EV’s: dropping demand sinks Tesla stock, Biden/MLG mandates outstrip estimates

Author Bjorn Lomborg posted the chart below on social media (based on data here). As it shows, even the Biden Administration’s own numbers show that both MLG’s and Biden’s plans to force EV’s on New Mexicans and Americans alike. MLG’s mandate is for 43% of all vehicles sold in New Mexico to be EV’s by summer of 2026. That’s more than EIA estimates will be sold globally by 2050.

Ironically, as Lomborg points out, the federal government’s own numbers show a MUCH slower uptake of EV’s by Americans.

In other news EV company Tesla saw its first year-over-year drop in sales (excepting the Pandemic). According to Yahoo Finance, “Most of Tesla’s recent wipeout reflects concerns about flagging demand for EVs.”

According to CNN, General Motors reported Tuesday that its US EV sales fell 22% in the quarter compared to a year earlier.

UPDATE: Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter. The stark reversal comes as Tesla faces fierce competition globally from Chinese electric-vehicle makers flooding the market with cars priced as low as $10,000.