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Biden aims to juice EV sales, but would his plan work?
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Biden aims to juice EV sales, but would his plan work?
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Biden s $2T infrastructure and jobs package proposes billions for electrification
Washington President Joe Biden s $2 trillion infrastructure and jobs proposal would include $174 billion to win the global electric vehicle race against China and Europe, reflecting a growing symbiosis between Democratic policy goals and the bottom lines of Detroit automakers.
The plan, detailed Wednesday, dovetails with the administration s hopes to make the U.S. economy carbon neutral by 2050 in part by cutting pollution from the transportation sector, which still makes up the lion s share of greenhouse gas emissions in the country.
While EVs are just a sliver of sales right now, analysts predict that share will skyrocket in the coming years. Speeding the switch to electric vehicles is increasingly part of companies business goals: Every new EV announcement tends to be rewarded with a bump in market valuation, so an amenable administration seeking to dole out taxpayer dollars to pu
The U.S. auto industry sees President Joe Biden’s infrastructure package as accelerating a global shift toward electric vehicles, thanks to the $174 billion proposed for charging stations, planned consumer rebates for American-made EVs and a pledge to electrify the government’s fleet.
The proposal, which requires congressional approval, is likely to be targeted by progressives as too little in scope and by Republicans as unfairly using taxpayer funds to help the alternative energy sector while harming others, such as the oil industry. Market researchers, oil-energy advocates and other critics warn that it may not be enough to make a dent in the sale of gas guzzlers in the U.S. any time soon.
Biden Aims to Juice EV Sales, But Would His Plan Work?
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