A Tale of Two Electric Cars

As Trade and Industry Minister Rob Davies mulls how to foster a domestic electric vehicle (EV) industry, here’s a tale of two projects in the US.

One will declare bankruptcy any day now, reinforcing the dictum of Larry Summers, President Bill Clinton’s last Treasury Secretary, that government is a “crappy venture capitalist”. The other, led by an entrepreneurial prodigy from Pretoria Boy’s High, will tomorrow announce its first profitable quarter, and could conceivably do for battery power what the 1886 Benz Patent Motorwagen did for internal combustion.

The Fisker Karma, a petrol-electric hybrid sports car with super spiffy styling and a price tag north of $100 000, has become the latest exhibit in the Republican effort to brand President Barack Obama as a crony socialist doling out taxpayer dollars to supporters who think they can do better than Adam Smith’s hidden hand. Continue reading “A Tale of Two Electric Cars”