As heat waves, wild fires and biting cold temperatures become more common, it is becoming increasingly clear that the time to handle runaway climate change is now. For most territories, that involves replacing the petrol- and diesel-powered vehicles on the roads with zero-emission electric cars, preferably within the next couple of decades. To achieve this daunting goal, collaboration between the government and the private enterprises that manufacture vehicles will be crucial.
In a bid to reduce greenhouse gas emissions and make electric cars the dominant vehicle on American roads, sources say the Biden administration has told American automakers to back a voluntary pledge of making 40% of their vehicle sales electric by 2030. President Joseph Biden has dedicated his first few months at the White House to his gargantuan $1.2 trillion infrastructure bill that would see billions of dollars dedicated to developing the country’s fledgling electric vehicle (“EV”) sector. Now his administration is set to unveil proposed revisions to current vehicle emissions standards through 2026 as early as this week.
The voluntary electric vehicle target may even be as high as 50% EV sales, sources say, although they note that the administration hasn’t reached any sort of agreement with automakers. Stakeholders are still discussing several pertinent details including whether the voluntary EV pledge would include various types of electric-gasoline hybrids that are currently available on the market. Transportation is the largest source of emissions in the United States, accounting for nearly 30% of America’s greenhouse gas emissions. If automakers were to achieve 40% electric vehicle sales by 2030, the country could significantly cut down on its carbon emissions.
However, not everyone is all for electric vehicles, especially the automobile industry, which will undoubtedly take a hit once electric vehicles become more ubiquitous. United Auto Workers (“UAW”) has been wary of electric vehicle mandates, stating that the mandates could put some jobs in the auto industry at risk. Furthermore, UAW spokesperson Brian Rothenberg has said that a published report that alleged that the association had agreed to 40% electric vehicle sales by 2040 was false; he clarified that the UAW is still in discussions and hasn’t reached an agreement.
It also seems like no automaker has publicly reached an agreement with the Biden administration yet. Ford Motors declined to comment, but officials stated that the compamy plans to have at least 40% of its global sales be all-electric by 2040. General Motors, which also declined to comment, previously stated that it would like to eventually stop the sale of new gas-powered cars by 2035.
The electric vehicle industry may be pleased that the government is doing what it can to make the transition possible, and sector players such as Ideanomics Inc. (NASDAQ: IDEX) are also doing their part in facilitating the switch by different market segments, such as the heavy commercial vehicle segment.
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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