Electric Vehicles to Make Up 50% of All Auto Sales By 2030

Major auto makers are teaming up to announce new targets for electric vehicles sales ahead of President Biden’s executive order expected Thursday.

General Motors, Ford Motor and Chrysler issued a joint statement ahead of President Biden’s Executive Order to occur Thursday saying they were committed to having “electric, fuel cell and plug-in hybrid vehicles” make up 40-50% of all sales by 2030. The action, they added, represented “a dramatic shift from the U.S. market today.”

Nonetheless, 40-50% is somewhat less than what President Biden is set to promise. The president, according to administration officials speaking with the Wall Street Journal, intends to sign an executive order setting a (voluntary) target of 50%. (Story continues below.)

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Meanwhile, regulatory agencies are also planning to announce new standards for the auto industry on Thursday. The Environmental Protection Agency and the Department of Transportation are also reportedly announcing tighter fuel-efficiency and emission regulations on Thursday in hopes of reducing the amount of carbon dioxide released into the air.

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Electric Cars To Be 100% of Auto Market by 2040: Swiss Bank

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