Morning Wire Charging Ahead: The Rise in Electric Vehicles in America | 10.1.23
Oct 1, 2023
The White House aims for electric vehicles to comprise 50% of new car sales by 2030, fueled by substantial investments. However, the transition is fraught with challenges like low market share and regulatory hurdles. The podcast dives into the automakers' financial struggles, particularly for Ford and GM, contrasted with Tesla's dominance. Barriers like high costs and range limitations affect EV adoption, while environmental concerns, especially about lithium mining and battery production, raise important questions about sustainability.
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Biden's EV Goal
- President Biden aims for two-thirds of new car sales to be electric by 2032, a tenfold increase from 2022.
- This ambitious goal is driven by the EPA's new emission standards, essentially forcing automakers to shift.
Climate Change Rationale
- The Biden administration views climate change as a critical threat, driving their green energy initiatives, including the push for EVs.
- They claim this EV push will offset two years of carbon emissions from other sectors.
Impact on Auto Industry
- The shift to EVs will reshape auto production, potentially costing jobs and impacting the Auto Workers Union.
- Automakers are complying due to government regulations and financial pressures from investors.