President Biden is laying down the law for EVs

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

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.