New York is following in California’s tire treads, making drastic moves to cut greenhouse gas emissions. The Empire State will entirely ban the purchase of new petroleum-powered cars by 2035.
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And that’s not just because of the new Inflation Reduction Act. Many states also have incentive programs designed to get residents to buy electric vehicles. And there are all kinds of state and federal one-off endeavors designed to lay groundwork so you can actually use the EV when you buy it.
Congress has allocated billions of dollars to build a network of electric vehicle charging stations along major U.S. highways. Quebec already has one, reaching deep into the province. The system offers a glimpse of how essential access to charging will be to the success of electric cars.
Late last year President Joe Biden set the target of electric vehicles accounting for half U.S. automakers’ sales by 2030 — a crucial goal if the nation is going to achieve its climate goals under the Paris agreement.
To that end, he and Democratic allies in Congress recently expanded the $7,500 tax rebate for electric vehicles through the Inflation Reduction Act, moving beyond early adopters to all EV sales for the next decade.
Tesla established and has continued to dominate the EV revolution. Thanks to this brainchild of Elon Musk, the world now has a viable alternative to gas-guzzling cars. But in recent years, it seems Tesla has started to lose its lead. Companies like VW, BMW, Mercedes, and Ford have begun offering EVs with similar driving ranges, charge speeds, performance, and pricing. Tesla has also had several significant setbacks, like the delay of their next generation 4680 battery pack, the Roadster, Cybertruck, and Semi. Not to mention how companies like CATL now offer arguably better batteries than the 4680. But in a recent press conference, Martin Viecha, Tesla’s Vice President, told Business Insider something that has shocked the EV world and will go on to cement Tesla as the ultimate king of the EV race.
The Biden administration on Wednesday announced it has approved the electric vehicle charging network plans submitted by 35 states, representing $900 million in investment for Fiscal Years 2022 and 2023.
General Motors is introducing an electric version of its top-selling Chevrolet Equinox SUV with a roughly $30,000 base price aimed at families who want an EV but haven’t been able to afford one.
Why it matters: A relatively affordable SUV that runs on electrons, not gasoline, could open the floodgates for EV adoption in the U.S., a market that so far has been dominated by $60,000 Teslas.
“Having a vehicle in that size class, at that price point, with at least 250-300 miles of range — there’s nobody even close to that,” says Sam Abuelsamid, head of e-mobility research at Guidehouse Insights.
Among the pandemic’s many disruptions, in early 2021 auto makers cut production because of a shortage of semiconductors. Car manufacturers today already spend more money on silicon than on steel, and that goes double for the makers of electric vehicles (EVs). The mainstream arrival of EVs owes as much to silicon, for power control, as it does to lithium, for energy storage. But the cost of automotive lithium batteries dwarfs the costs for silicon and steel combined. If EV aspirations are fulfilled, the next automotive supply-chain disruption—and there’s always going to be a next time—will center on battery materials.
Ford Motor Co.’s F 2.66%▲ U.S. sales rose 27% in August, rebounding from year-ago production shortages and benefiting from increased demand for electric vehicles.
Ford F 2.66%▲ has been posting strong year-over-year gains this summer on climbing electric-vehicle sales and improved deliveries of trucks and SUVs. The company’s EV sales increased fourfold from a low base a year earlier, while sales of gas-engine vehicles rose by a quarter.
While many of us were on vacation last week, the transition to electric vehicles took a monumental leap. On Aug. 25, California regulators adopted rules that would ban the sale of new gasoline-powered cars and light trucks by 2035.