With the Democrats controlling the House, Senate and White House, the electric vehicle (“EV”) industry will have all the legislative support it needs to grow. Shortly after he assumed office, President Joe Biden announced a plan to build 500,000 public EV charging stations over the next ten years, pledging his support towards electrifying America’s roads. Now, Senate Majority Leader Chuck Schumer says he plans to include a proposal that would compensate every American who swaps their gas-powered vehicle for an electric one in a massive infrastructure bill.
Now that the government has signed the $1.9 trillion coronavirus relief bill into law, the Biden administration is now focusing its attention on an infrastructure initiative that would see the country generate carbon-free power by 2035. The bold plan would develop charging infrastructure and accelerate the electrification of America’s roads. During his campaign, Biden said the $2 trillion plan would achieve millions of union jobs paying at least $15 per hour and provide millions of dollars for investment in eco-friendly infrastructure.
Schumer first proposed the idea back in 2019 in a New York Times op-ed while he was Senate Minority Leader, saying that the goal was to completely replace internal combustion engine (“ICE”) vehicles with zero-emission vehicles by 2040. However, the Republican Party controlled the Senate and the White House back then, reducing the chances of his proposal being adopted to almost zero. But with the Democrats currently enjoying a governing trifecta, things are looking good for Schumer’s proposal.
A substantial discount would be given to anyone who exchanges their ICE vehicle for an EV, he says, although he hasn’t specified how much the discount would be. According to a spokesman, the discounts may be greater than the $7,500 federal tax credit drivers get when they purchase an EV. As per Schumer’s proposal, auto manufacturers would also get a direct incentive to phase out production of conventional gas-powered vehicles while property owners would receive tax breaks for installing EV chargers on their premises.
Finally, the proposal would provide $45 billion in grants to improve and expand the country’s charging network, and $17 billion to incentivize manufacturers to modify their production facilities for electric vehicle production. Schumer wants to structure the plan so that the most cash goes to the lowest-income earners, and he estimates that it will cost around $454 billion over the next decade.
Although he hasn’t discussed the proposal in its entirety with the White House, Schumer believes President Biden will agree to the plan being added to his infrastructure plan. The proposal has the support of three major labor unions: the IBEW, UAW and AFL-CIO.
There’s also great activity within the for-profit electric vehicle sector players. For instance, with a merger between Net Element (NASDAQ: NETE) and Mullen Technologies Inc. only awaiting shareholder and regulatory approval, it is just a matter of time before the EV sector sees what the new entity formed is bringing to the rapidly evolving sector.
NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE
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