The Biden-backed electric vehicle firm Proterra filed for bankruptcy on Monday, the latest sign that finances dominate even the highest promoted political agendas.
"We have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale," Proterra CEO Gareth Joyce said in a statement.
Proterra is known for manufacturing electric buses, which can travel at most 340 miles before they run out of fuel. This means an electric bus can travel roughly the distance of Pennsylvania before it must stop for up to three hours to charge.
The company's collapse proves that both the cost and convenience of EVs don't fit consumer requirements. The bankruptcy indicates one thing: there is no mass appeal to electric transportation. The entire electric vehicle market is rooted in federal government funding.
The Proterra CEO serves on a top White House advisory council, and the Biden administration has praised the company on serval occasions. Biden has "virtually" toured the company's manufacturing facility in South Carolina, and he has also touted Proterra as a success for the American electric vehicle industry.
Biden has directed many billions to the electric vehicle agenda along with financial incentives. The Inflation Reduction Act is one of several bills that paved the way for the current EV push. The Act provides a 30% credit for EVs, along with a tax credit for alternative fuel refueling property. The government has distributed billions upon billions of dollars in order to drive EVs forward.
But the feds face a harsh reality: finances overpower the climate agenda. The free market will decide, not the Biden White House. Nevertheless, the federal government will keep attempting to control the people with enticing funds, wasting taxpayer dollars and bankrupting our nation.
We the People have an opportunity to be a check on this endless cycle by mandating the federal government adhere to a balanced budget. Under Article V, we can call a state convention to propose amendments that mandate fiscal responsibility.
Convention of States can solve the D.C. financial disaster, but we need your support. Help the cause by adding your name to the COS petition below.
