The Spur For Electric – U.S. Government Legal Advocations For EVs 🚘

The Spur For Electric – U.S. Government Legal Advocations For EVs

In recent years, electric vehicles and auto manufacturers have made significant progress in developing new technologies, reducing carbon emissions, and shifting the innovative landscape. However, as with several disruptive technologies, inefficiencies and stubborn consumer patterns can leave barriers to effective market entry. This is why several states have opted to accelerate the transition into EVs, mainly by proposing emission-reducing legislation or building the infrastructure to support such a change. Now, the federal government is considering acting to eliminate some of the obstacles that stand in the way of these electric vehicle manufacturers.

With the goal of catalyzing EV sales, the Environmental Protection Agency has proposed new, aggressive legislation to spur the gas-to-electric transformation. The legal package begins to include a $7.5 billion plan to upgrade the EV charging network across the country. Next are tougher federal laws on American automotive firms, such as new emission limits and a 50% sales mix between electric and gas-powered vehicles. Other items include up to $7,500 in tax credits which can be granted to consumers who purchase qualified EVs. The total costs of the proposals are an estimated $1 trillion, but the federal government asserts the benefits of fuel savings, vehicle maintenance declines, and emission reductions do outweigh the hefty cost. Nevertheless, the proposals have until the spring of 2024 to be finalized, serving as an aggressive push by the Biden Administration to expedite and normalize electrical vehicles into the American economy and culture.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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