Prominent investor and ‘Shark Tank’ star Kevin O'Leary criticized President Joe Biden‘s electric vehicle (EV) plan, expressing skepticism about its feasibility in a recent Fox News appearance, The Daily Caller reports.
Biden administration has been pushing for an increase in EV production. This includes introducing tax credits for electric batteries and EVs in the Inflation Reduction Act. However, O'Leary shared concerns about the affordability of EVs amidst persistent inflation, given they cost an average of $5,000 more than gas-powered cars.
"The move to green is going to take probably four times longer than people envision, maybe even five times. You can't do this in ten years. It's not even possible or realistic," O’Leary said.
See Also: Marjorie Taylor Greene Says Trump May Face Fifth Indictment In Arizona
He also questioned the environmental advantages of EVs. He pointed out the irony of electricity for these vehicles being produced by burning gas, hydrocarbons, and even coal.
Biden’s administration aims for two-thirds of new vehicle sales to be electric by 2032. He emphasized the need for a more substantial upgrade of power infrastructure.
Photo by Kathy Hutchins on Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4 Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
