More blatant crony capitalism that flushes our money down the drain….
Biden Admin Touted EV Charging Company To Support Climate Agenda. Now, Its Stock Is Tanking
The Biden administration held up the electric vehicle (EV) charging company ChargePoint to support the president’s climate agenda on several occasions. Now, the company is facing considerable economic and legal headwinds.
In February, the White House
highlighted ChargePoint’s deals with other companies as proof that the administration’s “actions on EVs have spurred network operators to accelerate the buildout of coast-to-coast EV charging networks.” However, in the nearly ten months since, the company’s stock price has lost significant value, ChargePoint CEO Pasquale Romano has stepped down from his post and the company now faces a class action lawsuit.
https://dailycaller.com/2023/12/12/biden-electric-vehicle-stock/
Biden-favored EV bus maker Proterra goes bust and leaves a trail of broken and irreparable buses
Proterra, which President Joe Biden once said was "making me look good," sold hundreds of electric buses to municipalities across North America. Every transit district Just The News spoke with, except one, has inoperable buses awaiting repairs.
Across the country, towns and cities of various sizes envisioned an electrified public transit system that could shuttle residents with vehicles that produced no carbon-filled exhaust.
Many of those communities purchased buses from Silicon Valley-based Proterra, which was able to produce 550 buses over its 19-year existence before
it went bankrupt in August.
The company announced last month it had
concluded auctions as part of its Chapter 11 bankruptcy process, and in the wake of its collapse public transit systems tell
Just The News they have inoperable buses that can’t be repaired because the company is slow to supply parts to fix them.
Crony Capitalism
Early on, the company’s customers were noticing issues with the buses. The Massachusetts Bay Transportation Authority purchased five Proterra buses in 2019. The company promised ranges of 100 to 120 miles on a single charge, but the
authority found they ran as little as 60 to 100 miles on a charge — even less in cold weather.
For a while, things looked pretty good for the company. Proterra’s
initial public offering in January 2021 raised nearly $650 million, which was three times more than its revenues.
In April 2021, President Joe Biden took a
virtual tour of a Proterra facility, using it to promote his infrastructure plan, which included approximately $6.5 billion in grants,
according to the Wall Street Journal, to help replace diesel-powered school and transit buses with electric vehicles. “The fact is, you’re making me look good,” the president said.
https://justthenews.com/politics-po...ra-leaves-trail-broken-buses-cant-be-repaired