US to boost new electric car sales to 50% by 2030
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US is joining a race for electric-car supremacy currently dominated by China. Biden said on Thursday before signing the executive order “The question is whether we’ll lead or fall behind in a race for the future,” “It’s whether we’ll build these vehicles and the batteries that got them to where they are here in the United States.”
China is now leading the electric vehicle (EV) battery industry by 80% of global manufacturing capacity, even though most of the technology involved was developed in the United States. China is already controlling 40% of the global EV market, with 1.29 million units of all new cars sold in the country in 2020. International Energy Agency sees EV sales of china is rising to 9.61 units in 2030.
US has 1.8% market share of EVs held in the country’s auto market last year, but now sales are accelerating. EV volumes increased by more than tripled from a year earlier which is 2.7% of the overall market. The $1.2 billion infrastructure bill pending in Congress includes funding for 500,000 charging stations and subsidies for new battery and EV plants.
Country’s biggest carmakers General Motors announced plans earlier to end sales of gasoline and diesel-fueled vehicles by 2035 to become carbon neutral by 2040. However, EVs have some drawbacks, such as generating more carbon emissions than conventional vehicles in the manufacturing process, a study reveals. The study also claims that over the time EVs have a smaller overall carbon footprint than cars with internal combustion engines.
“We’re in competition with China and many other countries for the 21st century,” Biden said. “To win, we’re going to have to make sure the future will be made in America.”