The Biden administration’s push for electric vehicles (EVs) is driving up auto insurance prices and exacerbating the country’s inflation crisis, Breitbart economics editor John Carney says. Said He said this in an interview Thursday with Fox Business host Larry Kudlow.
Kudlow said the Biden administration’s new environmental regulations aimed at eliminating gasoline-powered cars are effectively “inflationary.”
“It’s inflation that wipes out gasoline cars and pushes EVs. Overall, everything is available at a higher price,” he says.
Carney agreed, stressing that EVs are already putting inflationary pressure on auto insurance.
“Many people are noticing that car insurance prices have gone up significantly,” he says. “The more you can get, the more [of EVs]Once an EV is involved in an accident, it is very expensive to repair, which increases car insurance premiums. ”
“That means auto insurance numbers will continue to grow,” he continued. “Car insurance people tell me that car repairs are much more expensive today than they were 10 years ago, and that’s one of the reasons why auto insurance inflation is so high. .”
Biden’s new environmental regulations will require the majority of cars sold in the United States to be electric or hybrid by 2032.
Breitbart’s John Binder reports:
The regulations come after a Consumer Reports study published last year found that U.S. consumers report about 80% more problems with EVs than those with conventional gas-powered cars. nevertheless, it was introduced.
According to the report, most of the issues consumers face with EVs include long charging times, a general lack of charging stations, lithium-ion battery issues, and incorrect installation of exterior and interior components; It is said to be an engine failure.
Similarly, auto dealers across the country have been warning the Biden administration for months about a general lack of interest in EVs among American consumers.
The rapid push toward electric vehicles is facing the prospect of reduced wages and job losses as more labor-intensive internal combustion engines are phased out and electric vehicles, which require fewer parts and fewer people to assemble, become mainstream. This is particularly concerning for U.S. autoworkers, who are currently living in the United States. This shift to electric vehicles will not only eliminate jobs on assembly lines, but also thousands of manufacturing jobs across the supply chain for the components that make up gasoline-powered vehicles. In fact, the most important part of an electric vehicle is the battery pack, and China has a near monopoly on the raw materials needed to manufacture the lithium batteries used in most EVs.
President Joe Biden speaks during a visit to the General Motors Factory Zero electric vehicle assembly plant in Detroit, Michigan, November 17, 2021. (AP Photo/Evan Vucci)
Biden’s latest EV ruling comes as a response to China’s efforts to destroy the U.S. auto industry in a “bloodbath” if the Biden administration allows the communist regime to evade tariffs and flood the U.S. market with cheap EVs. This follows former President Donald Trump’s stern warning.
President Trump said this last weekend in a speech in Dayton, Ohio.
President Xi, if you’re listening, I’ll say to China, you and I are friends, but President Xi understands how I’m dealing with the construction of this giant monster car that you’re building in Mexico right now. Factory, and you’re thinking: Are you going to get it and not hire an American and sell the car to us, no?
We are going to impose a 100 percent tariff on every car that crosses this line. And if I win, I won’t be able to sell those cars. If I don’t get elected, it’s going to be a disaster for the whole thing, it’s going to be a disaster for the country at least. That would be the bare minimum.
Despite the media uproar over President Trump’s use of the word “bloodshed,” that very word was used by He Xiaopeng, CEO of Chinese automaker XPeng Motors, in February. told employees in a memo that the company is “engaging in intense competition.” It may end in “bloodshed”. ”
Rebecca Mansour is a senior editor at Breitbart News. Follow her on X @Ramsour.
