Fast & furious: Will Biden’s $174BN accelerate a global EV boom?

Funds will go to installing charging stations as well as tax credits for consumers to buy American-made electric cars.

The U.S. auto industry sees President Joe Biden’s infrastructure package as accelerating a global shift toward electric vehicles, thanks to the $174 billion proposed for charging stations, planned consumer rebates for American-made EVs and a pledge to electrify the government’s fleet. The proposal, which requires congressional approval, is likely to be targeted by progressives as too little in scope and by Republicans as unfairly using taxpayer funds to help the alternative energy sector while harming others, such as the oil industry. Market researchers, oil-energy advocates and other critics warn that it may not be enough to make a dent in the sale of gas guzzlers in the U.S. any time soon. “The numbers tell the current story,” Michelle Krebs, executive analyst at Cox Automotive, which conducts market research for auto dealers. EVs made up only 2% of new car sales in 2020, while SUVs and pickup trucks comprised about 70%. “However, we know there is interest in EVs. Our consumer survey on upcoming EV pickup trucks showed interest, especially among young buyers.”