The U.S. Environmental Protection Agency proposed new tailpipe emissions limits that could require as much as 67% of all new vehicles sold in the U.S. by 2032 to be all-electric.
Self-Made Millionaire Bethenny Frankel Shares the No. 1 Negotiation Tip That Made Her Rich: ‘It Changed My Entire Life'
Depending on the compliance pathways manufacturers select to meet the standards, the EPA said, it projects that EVs could account for 67% of new light-duty vehicle sales and 46% of new medium-duty vehicle sales in model year 2032.Auto companies are already investing billions in factories and battery technology to support EVs. But a rapid adoption of EV technology would require more widespread and reliable charging infrastructure and more materials necessary for EV batteries, among other things.
The group has said that charging stations need to become more reliable and ubiquitous, EVs must become more affordable and domestic critical mineral supply chains have to be set up. The Biden administration's efforts to raise EV sales could also face opposition from consumers, who will ultimately need to be willing and able to buy EVs.New electric vehicles currently cost an average of more than $58,000, according to Kelley Blue Book estimates, a price that's well above the industry average of just under $46,000.
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