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Two major American automakers are further ramping up their electric vehicle goals. General Motors plans to increase its spending on electric and autonomous vehicles to $35 billion through 2025, a 30% jump over its most recent forecast. Similarly, Ford Motor Company’s luxury Lincoln brand predicts that about half of its sales will be all-electric models by 2026. The company aims to have 40% of its global sales from EVs by 2030.
Why This Matters: Electric vehicles are a rapidly growing market, with many competitors. Wood Mackenzie, an energy research and consulting firm, suggests that electric vehicles will make up 18 percent of new car sales by 2030, and many companies are fighting to get a slice of this market. In total, U.S. automakers have committed $65 billion to the EV race.
The luxury EV market is particularly competitive. Lincoln’s EV targets fall short of its largest American rival, Cadillac. The General Motors luxury brand has plans to offer only EVs by 2030. Neither Lincoln nor Cadillac offers a fully electric vehicle in their current lineups as they attempt to catch up to EV leader Tesla.
Ramping Up EV Production: President Biden has included $174 billion in his American Jobs plan to help spur the uptake of EVs, including $100 billion in new EV rebates and a goal to install 500,000 charging stations. Meanwhile, at the end of May, a Senate committee greenlit legislation that would increase tax credits to as much as $12,500 for EVs assembled by union workers in the United States.
These incentives have pushed GM to take action on increasing EV production in the U.S.GM promised to debut two new U.S. battery plants, each costing over $2 billion, though it’s still unclear where those plants will be. GM Chief Executive Mary Barra plans to meet on Wednesday with U.S. House Speaker Nancy Pelosi and other key Democrats to discuss EVs and vehicle emissions, as well, according to Reuters.
By Natasha Lasky, ODP Staff Writer Cities across the US are transitioning their buildings to clean energy, which would mean banning natural gas in new construction and promoting electric appliances. But the question remains whether or not infrastructure — foundational and historic — is ready to handle such a demand for electricity. Why this […]
As more people around the nation are taking to the roads and skies for their vaccinated vacations, one car rental company is making it easier for folks to not only travel in style, but travel green. Hertz has announced that it will be purchasing 100,000 Tesla electric vehicles by the end of 2022 alongside an […]
By Ashira Morris, ODP Staff Writer Last year, the average American household experienced eight hours without power, as storms hammered electrical systems built with less erratic climate conditions in mind. That average outage time is double what it was five years ago. But only looking at the average obscures the experience of people who lived […]
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