Ann: NY Lithium-ion Battery Plant Update Binding Sales Increase, page-121

Biden to announce new emissions standards, target that 50% of vehicles sold in US by 2030 are electric

"President Joe Biden will sign an executive order Thursday that points the US auto market toward electric vehicles, announcing a new target that half of vehicles sold in the country by 2030 will be battery electric, fuel-cell electric or plug-in hybrid.

Biden will unveil the executive order at the White House alongside representatives from Ford, GM, and Stellantis, and members of the United Auto Workers Union. The automakers are expected to support Biden's target, announcing their "shared aspiration" that 40-50% of their cars sold by 2030 to be electric vehicles, according to a joint statement from the three automakers."This is a paradigm shift," a senior administration official told reporters on Wednesday. "What we're hearing across the board is a consensus about the direction where this industry is going, and a coming together around the recognition that this is the moment of truth, not just for climate action for economic action as well."The Environmental Protection Agency and Department of Transportation will also announce they are reversing a Trump-era rollback of fuel emissions standards, according to a draft release obtained by CNN.

The newly proposed standards from the agencies will be 10% more stringent than the Trump-era rules for 2023 model year vehicles, then becoming 5% more stringent each year.By mileage year 2026, the proposed standards would be the most stringent federal greenhouse gas standards in US history, according to the agencies, but they don't yet lay out a target number for the standards.Biden's announcement is significant for his administration's climate goals, as transportation accounted for 29% of US greenhouse gas emissions as of 2019."

https://edition.cnn.com/2021/08/05/politics/biden-emissions-standards-electric-vehicles/index.html?utm_content=2021-08-05T11%3A22%3A03&utm_medium=social&utm_term=link&utm_source=twbusiness