For the first time since its inception 15 years ago, the Washington DC Auto Show dedicated a whole pavilion to electric vehicles (“EVs”). Despite recording a low attendance due to COVID-19, attendees were able to see the electric vehicles on display. Some of the exhibitors included Polestar, Nissan, Hyundai, Bentley and McLaren. The Arcimoto created a buzz having a long line of attendees waiting to have a ride in it.
As for the show’s main attraction, the all electric Ford F-150 had remarkable specs to it. It weighs around 10,000 pounds and can change its speed from 0 to 60 mph within five seconds.
Electric automobiles had their time to shine at this year’s show as well, thanks to the Build Back Better plan. The plan is overseen by President Joseph Biden who is looking to have 50% zero-emission cars on the road by 2030. The president is also looking to convert federal fleets of about 600,000 cars in total to alternative fuels as part of his plan in combating climate change.
However, it has not been a smooth ride for the plan’s execution as it is currently blocked by Republicans. Moreover, the plan needs to address equity issues as the country moves away from using fossil fuels.
The chief executive of the Washington Auto Show, John O’ Donnell, mentioned that the show’s purpose was to deconstruct the myth that car dealers weren’t selling electric vehicles. With the international adoption of electric vehicles, the show’s focus on public policy would give an opportunity to lawmakers and leaders of the auto industry to assess the latest technology.
The execution of Biden’s plan will require a significant amount of infrastructure before it could become a reality. The Infrastructure Investment and Jobs Act has set aside $7.5 billion for charging stations and EV-charging. However, the industry is worried about the way the money is being spent.
An official from Electrify America, one of the show’s sponsors, said that the infrastructure needs to be “future-proofed.” Matthew Nelson, director of government affairs, mentioned that the vehicle chargers need to be proactive in accommodating the rate of innovation. If they are designed for the current models, the chargers will become outdated quickly as cars are getting faster and faster.
Congress recently revised an act that will see each state consider EV-specific utility rates. The Public Utility Regulatory Act (“PURPA”) will give them the freedom to change rates making it easier to maintain costs.
Examples of states that have reviewed their rates include Colorado, California, Massachusetts, Connecticut and Rhode Island.
Tax incentives can be used to settle equity issues seen in charging. People who charge in their own garage do not pay demand rates whereas those who use commercial charging stations do. Incentives to support charging infrastructure in such dwellings will make EV adoption more equitable, affordable and reliable.
As mindsets shift and demand for EV grows, it is now up to Congress to determine how equitable the future of EVs will look. Industry actors such as Mullen Automotive Inc. (NASDAQ: MULN) have a task of coming up with models that will win over the public.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
About Green Car Stocks
Green Car Stocks (GCS) is a specialized communications platform with a focus on electric vehicles (EV), as well as other emerging market opportunities in the green sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled visibility, recognition and brand awareness. GCS is where news, content and information converge.
To receive SMS text alerts from Green Car Stocks, text “Green” to 21000 (U.S. Mobile Phones Only)
For more information, please visit https://www.greencarstocks.com
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.greencarstocks.com/Disclaimer
Green Car Stocks
Los Angeles, CA
www.greencarstocks.com
415.949.5050 Office
[email protected]
Green Car Stocks is part of the InvestorBrandNetwork.
