Joe Biden claims electric vehicles are the future of the auto industry.
His ambitious plans are running head-first into reality.
And Kevin O’Leary gave Joe Biden this brutal reality check about electric vehicles.
President Joe Biden is trying to bring sweeping changes to the automotive industry with his massive push for electrification.
He’s pouring hundreds of billions of dollars in taxpayer money to prop up the electric vehicle industry and lure drivers to make the switch with generous incentives.
Kevin O’Leary is known for not pulling any punches as one of the investors on ABC’s hit show Shark Tank.
He appeared on Fox Business’ Varney & Co. for an interview with host Stuart Varney where he broke down the state of the electric vehicle industry.
“I want to have an earful from you now about the EV push. I think it’s collapsing. What say you?” Varney asked.
“Well, the reality of EV is striking,” O’Leary replied. “I mean this narrative started weeks ago in the United Arab Emirates at the climate conference. The adoption rate and limitations of EVs in Europe and here domestically are evident.”
The limitations of electric vehicles were put on full display after much of the country was hit with bitterly cold weather from an Arctic blast.
“We’ve never actually had this kind of cold,” O’Leary continued. “So now we’re testing battery longevity and everybody’s learning about lithium batteries and freezing cold weather.”
Electric vehicles became useless as the cold weather sapped their battery life and made charging nearly impossible in some cases.
Scores of Teslas were abandoned at charging stations in the Chicago area after drivers couldn’t get them to charge during the cold snap.
“The bigger issue here is when you consider yourself going green by buying an EV, it’s also coming to the fore that you have to make that electricity,” O’Leary explained. “And right now we burn a lot of coal to make that electricity. So in the long run, if this going to work, we have to find other ways of making electricity.”
Electric vehicles are touted as being environmentally friendly but they require electricity that’s overwhelmingly generated by burning fossil fuels.
“Probably nuclear power would be good,” O’Leary said. “Solar is very limited in terms of getting it into car batteries. This whole thing is a very complicated equation.”
O’Leary, known as “Mr. Wonderful” on Shark Tank, said the CEO of Uber lamented the fact that more drivers weren’t buying Bidenmobiles.
“If people don’t want to do that as drivers they’re not going to do it,” O’Leary said. “So we’re at an inflection point.”
Electric vehicles are plagued with problems that make them expensive and impractical to be anything other than novelty purchases for the wealthy elites.