On Thursday, President Joe Biden unveiled a deal aimed at encouraging the US car industry to sell more electric automobiles. A “common aspiration” is that 40% to 50% of vehicles sold in the United States will be electric, plug-in hybrids, or hydrogen-powered. According to some experts, this will be a task, but it will not be as difficult as it appears.
According to IHS Markit, battery-powered vehicles, comprising both all-electric and plug-in hybrids, will account for only 4.3 percent of all vehicles sold in the United States this year. By 2035, General Motors (GM) plans to market solely zero-emission vehicles, including electric and hydrogen-powered vehicles. It’s reasonable to predict that by 2030, at least 40% of its vehicle sales will be emission-free.
These targets have been set by automakers for a variety of reasons. Regulations are already changing in other regions of the world, such as Europe, where internal combustion vehicles are scheduled to be banned by 2035. According to Jessica Caldwell, an industry analyst with Edmunds, consumer tastes are shifting, as evidenced by Tesla’s (TSLA) growing popularity.According to an IHS Markit projection from June 2021, 32 percent of all US cars sold in 2030 will be entirely electrified. Plug-in hybrids are likely to account for another 4.2 percent. According to Derek Jones, director of mobility solutions at the consultancy firm Guidehouse, the government has already done a lot to promote electric vehicle sales.