WASHINGTON—Yesterday, President Biden announced a set of new actions aimed at increasing the number of electric vehicles sold in the United States.
The president’s executive order sets a new target to make half of all new vehicles sold by 2030 zero-emissions vehicles, including battery electric, plug-in hybrid electric or hydrogen fuel cell vehicles. The order also kicks off development of long-term fuel efficiency and emissions standards.
In addition, the Environmental Protection Agency (EPA) and U.S. Department of Transportation announced how they are addressing near-term fuel efficiency and emissions standards. Through these coordinated notices of proposed rulemaking, the two agencies estimate that the rulemakings would deliver around $140 billion in net benefits over the life of the program, save about 200 billion gallons of gasoline and reduce around two billion metric tons of carbon pollution. For the average consumer, the agencies claim that this would amount to net benefits of up to $900 over the life of the vehicle in fuel savings.
Biden stated that the global market is shifting to electric vehicles and tapping their potential will save families money and lower pollution. Despite pioneering the technology, the U.S. is behind in the race to manufacture these vehicles and the batteries that powerthem. According to a fact sheet provided by the White House, the president said America needs to invest in:
- Installing the first-ever national network of electric vehicle charging stations
- Delivering point-of-sale consumer incentives to spur U.S. manufacturing and union jobs
- Financing the retooling and expansion of the full domestic manufacturing supply chain
- Innovating in the next generation of clean technologies to maintain the United States’ competitive edge
Meanwhile, in the United Kingdom, vehicle registration data for July indicate that more electric vehicles were registered than diesel vehicles for the second consecutive month, BBC News reports. It’s the third time battery EVs outpaced diesel cars during the past two years. The U.K. will outlaw the sale of new gasoline and diesel vehicles by 2030 and hybrids by 2035.
In the United States, the governor of California signed an executive order last year to ban the sale of new gas- and diesel-powered cars and trucks by 2035. Vehicle manufacturers such as General Motors and Ford have already begun working toward phasing out the production of fossil-fueled vehicles, and many automakers yesterday made statements regarding the executive order.
For those looking to get into the EV charging market, a new report from the Fuels Institute Electric Vehicle Council, “EV Consumer Behavior,” provides invaluable insight to help guide investors navigate the newest side of the fueling industry. The report includes information about the habits and practices of current EV owners and how those might change over time.