Biden’s EV Expansion Strategy: How New Regulations Could Shape Your Next Car Purchase
Written by
Adam Palasciano
Edited by
Cory Dudak
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In an effort to fight climate change, the Biden Administration announced a new rule on Apr. 3 which is one of the most significant climate regulations in the nation’s history.
It’s a rule designed to ensure that more than 50% of new passenger cars and light trucks sold in the United States are all-electric or hybrids by 2032, according to The New York Times. The new regulations further limit the amount of pollution allowed from tailpipes over time.
The overall goal? To cut U.S. greenhouse emissions in half by 2030 and eliminate them by 2050.
The new tailpipe pollution limits from the Environmental Protection Agency (EPA) are slated to transform the auto industry moving forward. It’s reported that a record 1.2 million electric vehicles were sold in 2023. However, they made up just 7.6% of total U.S. car sales — far from the 56% target under the new regulation. An additional 16% of new cars sold would be hybrids.
The new regulations should also save the average American roughly $6,000 in reduced fuel and maintenance costs over the life of the vehicle, and would avoid more than seven billion tons of carbon dioxide emissions over the next 30 years, according to the EPA.
Biden Speaks Out About Climate Change And Emission Regulations
Fighting climate change has been a cornerstone of the Biden administration since he was elected in 2020. Now, these new regulations are set to change the auto industry, fight climate change and further the goals of his administration.
“Three years ago, I set an ambitious target: that half of all new cars and trucks sold in 2030 would be zero-emission,” said President Biden in a recent statement. “Together, we’ve made historic progress. Hundreds of new expanded factories across the country. Hundreds of billions in private investment and thousands of good-paying union jobs. And we’ll meet my goal for 2030 and race forward in the years ahead.”
The year 2023 was the hottest in recorded history, and carbon emissions from cars and transportation is the single largest contributor to climate change in the U.S.
How New Regulations Could Shape Your Next Car Purchase
Here are some ways that new emission regulations could impact your next car purchase:
- There may be fewer options to purchase conventional gasoline-powered vehicles.
- You could be eligible for a tax credit if you opt for a new electric vehicle.
- The cost of electric vehicles should decrease further, offering you more electric vehicle options at an affordable price tag.
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