It is the jobs. The earth does not vote. Workers do. Despite all the gloom and doom about EVs taking over, this is pure fantasy for many reasons but the obvious reason is the massive disruption to labor markets. Germany is just beginning to get a taste of this. Their economy revolves around exports and exports of ICE autos are huge.
"Germany’s automotive industry, by far the biggest in Europe, supports about 800,000 German jobs and accounts for 5% of the nation’s overall economic output. Three-quarters of cars made in Germany are exported."
“Germany’s entire business model is at stake,” said Oliver Bäte, CEO of German financial-services group Allianz SE. “If we get energy transition wrong, our economic core gets into trouble and an economic crisis becomes inevitable.”
Germany effectively is the euro zone. The ripple effects of this are tremendous and will prove totally unpalatable to the broad electorate.
Germany’s Economy, Once Europe’s Engine, Is Holding It Back
Germany’s export-oriented businesses have fared poorly in a post-pandemic world of broken supply chains and rising energy prices. The malaise is fueling a debate over whether the German economy needs a reboot and what it should look like.
www.wsj.com
"Germany’s automotive industry, by far the biggest in Europe, supports about 800,000 German jobs and accounts for 5% of the nation’s overall economic output. Three-quarters of cars made in Germany are exported."
“Germany’s entire business model is at stake,” said Oliver Bäte, CEO of German financial-services group Allianz SE. “If we get energy transition wrong, our economic core gets into trouble and an economic crisis becomes inevitable.”
Germany effectively is the euro zone. The ripple effects of this are tremendous and will prove totally unpalatable to the broad electorate.