Last week, President Joe Biden signed an executive order putting the electric vehicle (EV) industry into high gear.1 The order sets a target for electric vehicles, hydrogen fuel cell, and plug-in hybrid vehicles to make up 50% of US sales by 2030.
To reach that figure, the government is using a mix of policy initiatives and funding. It plans to raise auto fuel efficiency standards for 2026 models manufactured by big U.S. car companies and has already earmarked $7.5 billion on charging stations for electric vehicles in the $1 trillion infrastructure bill currently wending its way through the House.2
- President Biden signed an executive order to set a target for electric vehicles to make up 50% of U.S. sales by 2030.
- While the company was not present at the order's signing, Tesla could become its biggest beneficiary.
- Tesla's brand recognition, battery tech, charging network, and ramp-up in manufacturing facilities make it a front runner among EV manufacturers to benefit from the order.
- However, investors might want to track the company's progress closely because it has a history of missed deadlines.
The 50% sales figure is a "voluntary" target arrived at in consultation with three major car companies—Ford Motor Company (F), General Motors Company (GM), and Stellantis N.V (STLA). "They (EVs) are a vision of the future that is now beginning to happen, a future of the automobile industry that is now electric," said President Biden, while announcing the order.
Tesla, Inc. (...
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