President Biden will sign an executive order on Thursday calling for half of all U.S. car sales to be zero-emission vehicles by 2030.Â
Senior administration officials said in a briefing for reporters that the order is a part of Biden’s broader “Build Back Better” initiative and will bolster infrastructure, save consumers money, and tackle the climate crisis.
The order will further initiate the development of “long-term fuel efficiency and emission standards” that will cut pollution and allegedly save consumers costs at the pump.
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The officials said the standards will apply to not only “light-duty vehicles” like cars, SUVs, and pickup trucks, but also will also be established for “medium and heavy-duty vehicles.”
American automakers including Ford, GM, and Stellantis, along with the United Auto Workers union heads are expected to stand with the president at the White House as he signs the executive order.Â
“Today, Ford, GM, and Stellantis announce their shared aspiration to achieve sales of 40-50% of annual U.S. volumes of electric vehicles (battery electric, fuel cell, and plug-in hybrid vehicles) by 2030,” the automakers said in a joint statement. “Our recent product, technology, and investment announcements highlight our collective commitment to be leaders in the U.S. transition to electric vehicles.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 13.32 | -0.70 | -4.99% |
| GM | GENERAL MOTORS CO. | 52.72 | -5.16 | -8.91% |
| STLA | STELLANTIS NV | 20.57 | +0.28 | +1.38% |
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“With the [United Auto Workers] at our side in transforming the workforce and partnering with us on this journey, we believe we can strengthen continued American leadership in clean transportation technology through electric vehicle innovation and manufacturing,” they added.
The automakers said that the goal to cut gasoline-based car sales by half in less than 10 years would be made possible through government-supported purchase incentives, charging networks, investment in continued research, and incentives for the expansion of electric vehicle manufacturing and supply chains.Â
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BMWYY | BAYERISCHE MOTOREN WERKE AG | 32.13 | +0.09 | +0.28% |
| HMC | HONDA MOTOR CO., LTD. | 33.15 | +0.29 | +0.88% |
| VWAGY | VOLKSWAGEN AG | 34.325 | -0.03 | -0.07% |
| VLVLY | VOLVO AB | 23.59 | +0.05 | +0.21% |
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In addition to the president’s executive order, the Environmental Protection Agency and the Department of Transportation will address a “day-one” of the administration executive order by the president, outlining how they intend to roll back “harmful” Trump-era policies surrounding emission standards.
The officials said the rollback proposals will be ready “in the coming months” after public notice and comment have been carried out.