Diana Furchtgott-Roth, an economist at the Heritage Foundation, discusses the electric vehicle market as more automakers withdraw from EV production.
Despite the Biden administration’s push for green energy, some U.S. automakers are withdrawing from electric vehicle production.
This vacuum leaves room for cheaper Chinese electric vehicles to enter the U.S. market, which could pose a new type of “security risk” for Americans.
If a wave of Chinese Communist Party vehicles arrives, one economist stressed that the United States should “keep it going.” [the EVs] Outside. ”
“I think we should try to eliminate them,” said Diana Furchtgott-Roth, an economist at the Heritage Foundation.
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“If people are worried about Chinese reconnaissance balloons passing overhead, they’re going to worry about Chinese electric cars transmitting telematics back to China,” she continued on Thursday’s “Varney & Co.”
“Additionally, automakers can now remotely disable cars. What if we get caught up in a foreign relationship with China? And China has decided to shut down all EVs in the US? It’s a security risk.”
China is already growing its electric vehicle market, with Chinese electric car company BYD overtaking Tesla as the top-selling EV company last quarter.
Heritage Foundation economist Diana Furchtgott-Roth warns of the “safety risks” cheap Chinese electric cars pose to Americans. (Getty Images/FOX Business/Fox News)
Tesla CEO Elon Musk said the Chinese automaker is “the most competitive” and that “depending on what tariffs and trade barriers are put in place, we could have great success outside of China.” We’ll get it done,” he said.
“If trade barriers are not established, most of the world’s auto companies will be virtually wiped out,” he told investors on a post-earnings conference call last month. “They are very good.”
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Fruchtgott-Roth identified other issues related to the sluggish EV market, especially in light of recent challenges regarding electric vehicles and frigid temperatures.
“Consumers don’t want to buy these EVs,” she says. “And then the recent fiasco in Chicago where chargers froze, cars froze, there was a block-long line of Teslas waiting to charge, and then they disappeared, and this just proves that. ”
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Chicago EV owners faced issues such as reduced performance, reduced battery life, increased charging times and even long lines when the Midwest was hit by a severe winter last month.
Even before the winter weather performance issue, U.S. consumers’ interest in electric vehicles has waned somewhat over the past year.
Car insurance app company Jerry’s The state of American drivers in 2024 A report released this week found that 41% of respondents said they were interested in buying or leasing an EV as their next vehicle, down from 49% a year ago.
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The economist said, “Only about 7% of new car sales are EVs, but the government wants to increase EVs to 60% by 2030 and two-thirds by 2032, but the White House is currently enacting this. “The current regulations are waiting to be repealed.”
Fruchtgott-Roth said automakers were unlikely to meet the targets set by the administration, given cost concerns, lack of infrastructure and waning enthusiasm.
“If they don’t, car companies will be fined, have to buy credits, and pay for it by raising the price of the cars we want to buy, like the Ford F-150. It’s going to be pickup trucks and SUVs. But this is something the White House is still planning.”
As the United States struggles to develop and expand its electric vehicle market, Furchtgott-Roth pointed out how China’s advances could pose a serious threat not only to its economy but also to its national security.
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FOX Business’ Breck Dumas and Chris Pandolfo contributed to this report.
