Prominent investor Kevin O’Leary slammed President Joe Biden’s electric vehicle (EV) plan during a Fox News appearance Monday.
The Biden administration has pushed for an increase in EV production by including tax credits for electric batteries and electric cars in the Inflation Reduction Act. But in the midst of persistent inflation, many Americans would struggle to afford new electric vehicles which, on average, cost around $5,000 more than gas-powered cars, according to Kelley Blue Book.
O’Leary said EV’s are only beneficial in a “dense, metropolitan area” with access to charging stations. He also pushed back on the claim that EVs are more environmental friendly.
“Where does this power come from? There are people are starting to ask that every day now,” O’Leary said. “Well, it comes from burning gas and hydrocarbons and even coal. And so this narrative between EV and green is falling apart a little bit.”
The Biden administration aims to make two-thirds of new vehicle sales electric by 2032, a timeline O’Leary said is too ambitious. (RELATED: Kevin O’Leary, Kayleigh McEnany Rip Kamala Harris For Blaming Canadian Wildfire On Climate Change)
“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. “The infrastructure for power itself needs to be upgraded, and that requires every source of energy we can possibly get our hands on, because wind and solar [are] imply not enough. And the grid itself, part of the infrastructure spending, has to be upgraded. There’s so much hinderance towards this vision, and I’m not against green at all. I’m just saying everybody should take a deep breath and become realistic on the time table. Just not going to happen in ten years, not a chance in hell.”
Transportation Secretary Pete Buttigieg argued last year that Americans could save money by purchasing an EV. While upfront costs for EVs are more expensive, a car owner will wind up spending less on an electric car than a fuel-based vehicle, Money.com reported. The U.S. Department of Energy found that, in a 15-year span, the average owner will spend $14,480 less charging an EV than paying for gas, per the outlet.