President Biden is laying down the law for EVs

President Biden wants 50% of new cars on the road to be electric by 2030.

Not all automakers have embraced the shift to electric, but soon they may have to.

President Biden is laying down the law for EVs

Last Thursday, President Biden set a goal to speed up America’s shift to electric, targeting 50% of all new cars on the road by 2030.

The 3 largest car markets globally are the US, Europe, and China…

… and the US is lagging when it comes to EV adoption.

  • In Europe, 17% of new cars purchased in the 1st half of 2021 were EVs
  • In China, 1.1m plug-in cars were sold so far this year, making up 11% market share
  • In the US, less than 4% of new car sales were EVs through the 1st half of the year

The top manufacturers are on board

The top 3 companies in the US by market share have big EV aspirations:

  • General Motors wants to make only EVs by 2035
  • Toyota predicts 70% of US sales will be EVs by 2030
  • Ford announced that 40% of its vehicles will be electrified by 2030

But manufacturing is just 1 piece of the puzzle.

In Europe, government support has been key to adoption

And the US knows it.

President Biden recently made a $174B request for congress to create 500k electric charging stations to improve EV infrastructure.

The government has helped push EVs forward before. Without a $465m government loan in 2010, there’s a chance Tesla wouldn’t have gotten off the ground.

Now, we’ll get to see how the titans fare in a much more competitive EV landscape.

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