Tesla is no longer the only game in town. From Eric Peters at ericpetersautos.com:
Elon’s big grift is in trouble.
His EV operation – which made most of its money on stock valuation predicated upon the government making a “market” for battery powered devices – which forced other car manufacturers that were not making devices to buy credits from Elon in lieu of making them, so as to “offset” their “carbon footprints” – just lost about 40 percent of the value of its stock.
The reason why is both ironic and delicious.
The de facto EV production mandates (only EVs qualify as so-called “zero emissions” vehicles, never mind the “emissions” they cause to be “emitted” elsewhere) that made Tesla the highest-valued vehicle manufacturer on the planet served to prod the manufacture of battery powered devices by every other vehicle manufacturer. Once other vehicle manufacturers began manufacturing their own devices they no longer needed to pay Tesla for “credit” to “offset” the “zero emissions” vehicles they hadn’t been manufacturing.
The carbon credits grift is now basically kaput – and that is costing Tesla hugely. So also the diffused demand for Tesla’s devices, which is a consequence of the competition Tesla now must deal with from the now-many manufacturers of devices forced into being by the very “zero emissions” mandates that Tesla built its grift upon.
