Schumer Wants Everyone in Electric Cars — And Will Pay To Make It Happen

hybrid electric car plugged in

Following the $1.9 trillion American Rescue plan, signed into law last week, the Biden administration is preparing an infrastructure package. As part of the package, Senate Majority Leader Chuck Schumer will reportedly include a proposal “to get every American to swap their gas-guzzling car for an electric one,” according to The Verge.

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In an interview with The Verge this week, Schumer said that “it’s a bold new plan designed to accelerate America’s transition to all electric vehicles on the road, to developing a charging infrastructure and to grow American jobs through clean manufacturing.”

“And the ultimate goal is to have every car manufactured in America be electric by 2030, and every car on the road be clean by 2040,” Schumer said to The Verge.

The plan would be similar to the so-called “cash for clunkers” plan Schumer proposed in an October 2019 New York Times op-ed. 

See: The True Cost of Going Electric
Find: 5 Questions To Ask Before Buying an Electric Vehicle

“How would the plan work? First, it would give you a large discount on an American-made electric vehicle when you trade in a gas-powered car. Lower-income Americans could get an even bigger discount on a new vehicle or a discount on a used electric vehicle. In total, these discounts should result in 63 million fewer gas-powered cars on the road by 2030 and put America on a path to having 100% of new car sales be clean,” Schumer wrote in the op-ed.

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The Verge says that under the current proposal, anyone who trades in their gas car for an electric one would get a “substantial” point-of-sale discount and that “they are eyeing rebates that are “more generous” than the current $7,500 federal EV tax credit.”

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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