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August 5, 2021

Biden Changes the EV Game

• https://www.barrons.com/articles/things-to-know-today-51628154671

The Biden administration announced a target for electric vehicles to make up 50% of all vehicle sales in the U.S. by 2030 early on Thursday. That includes battery, plug-in hybrid and fuel cell electric vehicles.

Auto makers, including Ford, General Motors, and Chrysler owner Stellantis will stand alongside President Joe Biden, pledging to meet the voluntary target, the White House said.

The EV charge, first led by Tesla and more recently joined at pace by traditional car manufacturers, now looks set to go up a gear.

Analysts at the brokerage Evercore said the targets could expedite adoption in the U.S. by several years, and expected big gains for EV and EV charging companies in the weeks ahead, singling out charging network operator EVgo in particular. There are more catalysts; the $1.2 trillion infrastructure bill contains funding for EV charging points, and the coming budget reconciliation package is expected to include incentives.

The administration will be hoping to emulate Europe, which became the world’s biggest electric-vehicle market in 2020, before being overtaken by China. Europe adopted a two-pronged approach to boost EV adoption, introducing heavy fines for auto makers missing vehicle-emissions targets and offering consumers huge incentives to switch to electric vehicles.

No Turning Back

• https://amp.usatoday.com/amp/5489643001

President Joe Biden said "there's no turning back" on the future of an electric auto industry as he signed an executive order setting a target for zero-emissions vehicles to account for half of all automobiles sold in the U.S. by 2030... a dramatic shift toward electric vehicles as part of the administration's broader agenda to tackle climate change and compete with China, a leader in the electric vehicle market.

"The question is whether we’ll lead or fall behind in the race for the future," he said before signing the order. "Right now, China's leading the race as one of the largest and fastest growing electric vehicle markets in the world."

Biden said his administration will develop long-term fuel efficiency and emissions standards that would apply to heavy-duty vehicles in addition to cars, SUVs and pickup trucks, officials said. The Environmental Protection Agency also announced they're unwinding former President Donald Trump's rollback of near-term fuel efficiency and emissions standards for gas vehicles.

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