The Biden Administration is failing to educate investors and consumers about the risks of its own policy agenda. Many reports have cautioned that a rapid transition to electric vehicles (EV) could have disastrous consequences for America’s transportation infrastructure, electric grid, and supply chains. Yet, the Biden Administration is barreling toward universal EV use without acknowledging these risks. 

U.S. Senator Marco Rubio (R-FL) sent a letter to U.S. Securities and Exchange Commission Chair Gary Gensler asking him to assess the risks of widespread EV adoption and to require EV companies to enhance their risk disclosures to investors.  

“The dramatic rise in [electricity] consumption will place pressure on the electric grid and may force electric utilities to implement rationing practices such as rolling blackouts.  

“The EV industry is heavily dependent on the People’s Republic of China (PRC) for components and scarce raw materials such as lithium, cobalt, nickel, and graphite. This dependency poses a serious risk to EV companies, which could be cut off at the whim of the Chinese Communist Party.”