Heavy government intervention in the EV marketplace is likely to have disrupting and unintended consequences because the change is not driven by the market—or consumers.
In the past four years, the Biden administration has invested billions of dollars to incentivize consumers to buy electric vehicles (EVs) and car manufacturers to build more of them, and move the country toward an all-EV era.
As early as 2021, President Biden announced his administration’s goal of having EVs represent 50 percent of new vehicles sold in 2030. This goal came with the request from the president that the Environmental Protection Agency (EPA) and the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) return to stricter fuel efficiency and emissions standards.
That same year, Congress passed—and president signed—the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, which, among other programs, heavily supported electric vehicles.
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