Electric Cars May Need to Account for 54% of All Cars by 2030
The Biden administration has introduced a strict air pollution law that would require more than half of the cars in the market to be completely electric. This law aims to limit the number of carbon emissions from vehicles and create a greener market. Some officials predict that by 2032, two out of every three cars sold will be electric. The proposed regulation is set to be announced on Wednesday, April 12. It will affect cars made between 2027 and 2032, which means they will have even stricter greenhouse gas regulations.
This regulation is not expected to take effect until the beginning of 2024. The rules for it were agreed upon in 2021. Many environmentalists are applauding the regulation, while others are very angry. There is expected to be major pushback from Americans in the auto industry, including Ford and possibly Chevrolet.
The U.S. Treasury Department recently updated the rules for electric vehicle (EV) tax credits under the 2022 Inflation Reduction Act, stirring up a bit of a storm.