Thomas Schaefer, the CEO of Volkswagen AG’s name brand, recently stated that EV battery plants are “practically unviable” at this point because of energy costs that have reached the stratosphere due to globalist sanctions against Russia over its invasion of Ukraine.
Battery cell plants in Germany and elsewhere throughout the European Union (E.U.) require large amounts of energy to stay in operation. Much of that energy came in the form of oil and gas from Russia via the Nord Stream 1 pipeline, which is currently non-operational due to Western sabotage.
Just in case you missed it the first time: in order to produce “emission-free” batteries for EVs, huge amounts of oil and gas, which we are told create lots of emissions, are required. (Related: There is nothing clean or green about electric vehicles and other “renewable” energy technologies.)
“Unless we manage to reduce energy prices in Germany and Europe quickly and reliably, investments in energy-intensive production or new battery cell factories in Germany and the EU will be practically unviable,” Schaefer wrote in a November 28 LinkedIn post.
“The USA, Canada, China, Southeast Asia, and regions like North Africa are forging ahead … The value creation in this area will take place elsewhere,” he added about how the EU is being left behind due to its disastrous (green) energy policies.
While it is somewhat encouraging that French and German economics ministers Bruno Le Maire and Robert Habeck are working together on joint cooperative industrial policy, this “falls short in crucial areas and does not address the envisaged priorities,” Schaefer says.
Brandon’s Inflation Reduction Act has worsened Europe’s economic crisis
To make matters worse, the Brandon regime ramrodded through the so-called Inflation Reduction Act over the summer. This new climate and tax law aims to boost EV production in the United States while reducing reliance upon foreign countries like communist China.
This could be good for the U.S. if things go as claimed, however it is not good for Europe which is already in the throes of the worst energy crisis in modern history. The bill’s subsidies and restrictions hurt European countries and violate World Trade Organization (WHO) rules by discriminating against non-American companies.
This is the position of the economic ministers of France and Germany, anyway. They say fake president Brandon’s economic agenda is dismantling decades of trade policies with America’s allies.
Le Maire compared the Brandon regime’s industrial policies to that of communist China, which offers major subsidies to local companies in order to boost domestic production.
“China tipped into this globalization a long time ago with massive state aid exclusively reserved for Chinese products,” Le Maire is quoted as saying. “Right before our eyes, the U.S. has tipped into this new globalization to develop its industrial capacity on U.S. soil.”
Habeck added that European authorities must act quickly and decisively to combat the problem and strengthen European industry – that is, unless a compromise is achieved between both sides.
French President Emmanuel Macron is pushing for a “Buy European Act” to combat Brandon’s move while Germany Chancellor Olaf Scholz says he will try to negotiate with Brandon at the December 5 meeting of the E.U.-U.S. Trade and Technology Council.
German Finance Minister Christian Lindner, however, does not believe that engaging in a trade dispute with the U.S. is the right move.
“It produces no winners, only losers,” Lindner said at a recent press conference. “The approach from my point of view is to talk to the U.S. – the goal is not to hurt the Brandon administration. It’s an opportunity to talk about new transatlantic free trade.”
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Sources for this article include: