As Biden noted in the announcement, Ford Motor Co. and General Motors Co. such established automakers have already set EV targets of roughly 50%.
Biden wants half of U.S. vehicle sales to be electric by the end of the decade. Last year, electric cars accounted for 2% of market. Experts ' long-term forecast is that by 2030, about a third of U.S. sales will be electric vehicles. For this reason, it is possible to say that Biden's speech was extremely ambitious.
As Biden noted in the announcement, Ford Motor Co. and General Motors Co. such established automakers have already set electric vehicle targets by roughly 50%. As with so many things about green elements on Biden's agenda, this is about capitalizing on an existing wave of money targeting clean technology.
Tesla Inc. it has done much of the heavy lifting that has enabled electric vehicles to reach 2% of the Sunday market, and has invested about $ 23 billion in the past decade . Now only five of the world's largest automakers – Ford, Daimler AG, GM, Stellantis NV and Volkswagen AG – have committed to investing $ 33 billion a year .
That's exactly Biden's goal, and the incentives to get there - federal funds for public car chargers, for example - have been scaled down in the bipartisan infrastructure proposal. The provision of real money as well as relevant funding for necessary improvements to the power grid depends on the much larger controversial compromise package.
Yet in setting the goal and basing it on broader ambitions , such as leaving China behind and reviving manufacturing, Biden is looking for allies inside and outside Congress for that push. Even if all the technology isn't there yet, the point is to ensure that investors ' fascination with developing and growing the technology doesn't diminish.
Market and market what's more, if the U.S. is getting closer to electric vehicles capturing 40% of the delayed U.S. market by 2030, that means they will probably be more than half of the Chinese and European markets. The momentum in favour of electric vehicles and against road transport fuels will be unstoppable on a global scale.