Not all automakers have embraced the shift to electric, but soon they may have to.
Last Thursday, President Biden set a goal to speed up America’s shift to electric, targeting 50% of all new cars on the road by 2030.
The 3 largest car markets globally are the US, Europe, and China…
… and the US is lagging when it comes to EV adoption.
- In Europe, 17% of new cars purchased in the 1st half of 2021 were EVs
- In China, 1.1m plug-in cars were sold so far this year, making up 11% market share
- In the US, less than 4% of new car sales were EVs through the 1st half of the year
The top manufacturers are on board
The top 3 companies in the US by market share have big EV aspirations:
- General Motors wants to make only EVs by 2035
- Toyota predicts 70% of US sales will be EVs by 2030
- Ford announced that 40% of its vehicles will be electrified by 2030
But manufacturing is just 1 piece of the puzzle.
In Europe, government support has been key to adoption
And the US knows it.
President Biden recently made a $174B request for congress to create 500k electric charging stations to improve EV infrastructure.
The government has helped push EVs forward before. Without a $465m government loan in 2010, there’s a chance Tesla wouldn’t have gotten off the ground.
Now, we’ll get to see how the titans fare in a much more competitive EV landscape.
