Marketplace is community-funded public service journalism. Give in any amount that works for you – what matters is that you give today.
General Motors announced last week that it plans to only sell electric cars by 2035, and go fully carbon neutral by 2040.
All this is in line with many of the Biden administration’s goals for the auto industry and addressing climate change.
New emissions standards, more investment in charging stations for electric vehicles, incentives for Americans to buy electric: That is what carmakers are expecting, and even hoping for, said Michelle Krebs, of Autotrader. That the Biden administration, “will promote electric vehicles with consumers, because consumers haven’t been running out and buying a lot of them.”
Krebs says only about 2% of people buying cars in the U.S tend to buy electric. But carmakers are moving more and more in that direction, said Ben Kallo, an industry analyst at Baird.
“The trajectory was already on its way before the administration,” he said. “On the cost front and the technology front, we’ve already reached a tipping point.”
So any federal policies that encourage more consumers to buy electric, Kallo said, will act like a tailwind and help push the auto industry more quickly into the future.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.