President Biden have called for a $174 billion government investment in electric vehicles, with $100 billion in public incentives in the U.S.

Leading U.S. automakers, Ford Motor, General Motors and Chrysler parent Stellantis NV have devised plans to announce targets on having up to 50% of new vehicle sales in electric models by 2030, and seek billions in government support to fulfil this aggressive goal.

The White House is planning to conduct an event with President Joe Biden, and executives from Ford Motor Co, General Motors and Chrysler parent Stellantis NV on fuel economy and electric vehicles. The government plans to make a proposal for changing fuel economy criteria for the 2026 model year.

The White House stated that President Biden would address his administration's efforts to reinforce American’s leadership on electric vehicles and trucks.

Many of Biden's Republican colleagues have encouraged him to set an obligatory target for the adoption of EV or follow California and other countries in transitioning out the sale of new gasoline-powered light-duty vehicles by 2035.

Through 2026, some environmental organizations have called for stringent criteria and stricter auto emissions rules.

Biden has proposed a $174 billion government investment in electric vehicles, with $100 billion in public incentives. A bipartisan Senate infrastructure measure includes $7.5 billion for electric vehicle charging stations but no new consumer incentives. The 2026 objectives are anticipated to be higher than the Obama-era goal of 5% annual improvements.

Sources cite that, at a global climate summit this year, the US committed to cut emissions by 50% to 52% by 2030, compared to 2005 levels. While in March, around 71 Democrats in the U.S. House of Representatives urged President Biden to set stern emissions regulations to ensure that 60% of new vehicle sales in the US are of zero-emission by 2030.

Source Credit - https://www.reuters.com/business/autos-transportation/us-automakers-say-they-aspire-up-50-ev-sales-by-2030-sources-2021-08-04/