The Pie: An Economics Podcast
Powering Innovation: How Government Subsidies Accelerate Electric Vehicle Breakthroughs
Feb 4, 2025
Hyuk-soo Kwon, an Assistant Professor at the Harris School of Public Policy, discusses the critical role of government subsidies in advancing electric vehicle (EV) innovation. He highlights how nations like Norway and China leverage incentives to reshape vehicle design and production dynamics. Kwon sheds light on the importance of established expertise in driving breakthroughs and reflects on the implications of U.S. policy shifts. He also shares his academic journey and passion for the EV industry, emphasizing mentorship in his career development.
26:08
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Quick takeaways
- Government subsidies significantly influence electric vehicle innovation by encouraging manufacturers to enhance product features and competition.
- The effectiveness of industrial policies in the EV sector hinges on well-designed incentives that promote advancements, especially in battery technology.
Deep dives
The Future of Electric Vehicles
Electric vehicles (EVs) are poised to become the dominant form of transportation due to their energy efficiency and technological advantages over conventional vehicles. Countries worldwide have set ambitious goals for EV sales, with leaders like Norway aiming for nearly 100% new EV sales and China targeting significant market penetration by 2030. The podcast highlights that while the U.S. had progressive EV goals under the Biden administration, these were rolled back by the previous administration, creating uncertainty around green innovation. Despite political fluctuations, the momentum towards EV adoption is likely to continue as consumer preferences shift towards environmentally sustainable options.
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