President Biden’s disastrous push for electric vehicles has hit a new low as the electric bus and battery manufacturer, Proterra, filed for bankruptcy. This company, in which Biden’s Energy Secretary, Jennifer Granholm, heavily invested, has been a favorite of the Biden administration since he took office.
However, the market did not share their enthusiasm, and Proterra’s value plummeted from $1.6 billion to a mere $362 million, causing the bankruptcy filing.
Despite this huge setback, Biden continues his crusade to push for zero-emission transit and school bus programs, pledging more than $10 billion from his $1.9 trillion package towards it. This move is not surprising, considering his close ties to Proterra. Biden visited the facility several times, and his Energy Secretary even held $1 million to $5 million in Proterra stock, which caused ethics concerns. Although Granholm pledged to sell the shares, she raked in $1.6 million in profit before doing so.
Moreover, Biden appointed Proterra’s CEO, Gareth Joyce, to the President’s Export Council in February 2023, adding to the administration’s cronyism. However, Joyce’s leadership has been disastrous, leading to the bankruptcy of the electric vehicle manufacturer he was entrusted to lead. Joyce claimed macroeconomic headwinds affected their ability to scale the business, but it is more plausible that poor leadership led to this outcome.
Furthermore, Proterra’s buses were not without flaws, as evidenced by Philadelphia’s experience. The city purchased a fleet of Proterra buses in 2019, but the vehicles had to be taken out of service in February the following year due to defects. Sources blamed the buses’ plastic chassis, which led to cracking.
Biden’s obsession with electric vehicles reflects his lack of regard for American businesses’ needs. The bankruptcy of Proterra is a clear indication of the failure of his policies and the incompetence of his administration to create economically viable solutions for electric vehicles. Biden’s agenda prioritizes pleasing environmentalists instead of promoting business growth and job creation. American businesses need leaders who will provide practical solutions that benefit the economy, not just political interests. It is time to elect a President that prioritizes American businesses and stops the risky gamble on failed green policies.
