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U.S. Carmakers Eye Massive Jump In EV Sales

U.S. carmakers will seek to boost the share of electric vehicles in their total sales from single digits now to as much as 40-50 percent by 2030, according to several media reports.

This target, however, includes not just battery electric vehicles but also plug-in hybrids and fuel cell cars.

General Motors, Stellantis, and Ford Motor Co. are all investing billions in EV production in anticipation of a shift in buyer behavior. But challenges remain, the Wall Street Journal notes in its report.

The success of the automakers’ plans depends on more government support, both on a federal and local level, as well as more subsidies and an expansion of the charging network.

Reuters’ David Shepardson recalled that the Biden administration had been pressing carmakers to commit to EV sales of at least 40 percent of the total by 2030. According to unnamed sources, the sales target will be announced later today after a meeting between President Biden and the chief executives of the Big Three.

“This industry’s going to spend $330 billion over the next five years on electrification alone,” John Bozzella, president of the Alliance for Automotive Innovation, said yesterday at an industry event, as quoted by the WSJ. “Even in Washington, D.C., that is real money.”

The $330 billion comes from calculations by consultancy Alix Partners, which said in June that the $330 billion, a 41-percent upward revision on its earlier forecast, could be spent by 2025. Separately, the Biden administration has proposed $174 billion in spending to support wider EV adoption.

Smaller carmakers are also expected to announce ambitious EV sales target separately. As for the hitting of these targets, support will indeed be crucial. Despite a recent surge in U.S. EV sales, the latest data, cited by the WSJ, shows they only accounted for some 3 percent of total car sales in both May and June.

By Charles Kennedy for Oilprice.com

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Leave a comment
  • Mamdouh Salameh on August 05 2021 said:
    More hype won’t change the fact that the number of EVs in the world stands today at 10.9 million compared with 2.0 billion ICEs or 0.55% of the total according to US Auto Research.

    The ease of charging and also the availability of charging points are always on EV drivers’ minds particularly when they are embarking on a long journey of hundreds of miles. Therefore, it is not surprising that 18% of EV drivers and 20% of plug-in buyers in California are switching back to gasoline cars. There will be a need for some 300 million charging points by 2040 requiring estimated cumulative investments of over $589 billion in the next two decades.

    This is one very major reason why EVs will never prevail over ICEs. The other is the need for global expansion of electricity generation costing trillions of dollars to charge the supposedly millions of EVs that will be on the roads. How would this expansion be sourced: by solar, nuclear or hydrocarbons?

    The media can hype about EVs from now to eternity but a tipping point remains far beyond their grasp.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Mark ingraham on August 05 2021 said:
    Odd prediction

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