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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 Ashira Morris, ODP Staff Writer Would you support or oppose the government moving the country to a 100% clean energy electricity grid by 2035? That’s the question Washington-based think tank Third Way posed across the country. It turns out that a majority of voters support federal action to reach a 100% clean energy grid. […]
Last week, the Battle Born Solar Project in Nevada, which would have been the largest solar farm in the US, was canceled after a coalition of local activists lobbied against it for being an “eyesore.” As Electrek reported, California-based Arevia Power and Solar Partners VII LLC withdrew their application with the Bureau of Land Management […]
by Ashira Morris, ODP Staff Writer Carbon pricing has been a part of how the European Union penalizes carbon emissions since 2005. As part of the EU’s Fit for 55 update to the carbon market, emission trading expands to include heating and road transportation. However, instead of folding them into the broader market, these two […]
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