The United States has a relatively old vehicle fleet, although nothing compared to that of the European Union. However, the federal government has announced a massive plan to replace 50% of the cars on the road, although there is no good news: experts are warning about when and how the end could come.
These cars are going to disappear from America sooner than we thought
The auto industry is undergoing a massive transformation as electric vehicles (EVs) shift from niche to mainstream. Major automakers like GM and Ford along with newcomers like Rivian and Lucid Motors are investing billions into an all-electric future.
But when will this EV revolution reach critical mass? According to recent projections, EVs could replace over 50% of cars on US roads far sooner than most people realize. With supportive government policies, falling battery prices, expanding charging networks, and more affordable EV models are hitting the market.
Leading experts suggest the tipping point where electric vehicles overtake internal combustion engine (ICE) vehicles could arrive shockingly fast – within the next 5 to 15 years. Skeptics have continually underestimated the growth of EVs, but the trends show adoption accelerating at an exponential rate.
Biden has the date to replace 50% of America’s cars: also a plan, and then some
The Biden administration has made accelerating electric vehicle (EV) adoption a key priority, setting a goal for 50% of all new vehicles sold in 2030 to be electric. This ambitious target represents a dramatic shift from EVs accounting for just 5% of new car sales in 2021.
To spur EV uptake, the Biden administration has enacted several policies. The landmark Inflation Reduction Act provides tax credits of up to $7,500 for new EV purchases. The law also allocates over $7 billion to expand EV charging networks.
Additionally, the Bipartisan Infrastructure Law invests $5 billion in EV charging infrastructure. The Biden administration is also working directly with automakers and charging providers.
The government recently announced partnerships with companies like GM, Ford, and Siemens to install thousands of EV chargers nationwide. These public-private collaborations aim to assuage consumer concerns around EV range and charging access.
Through its suite of incentives, investments, and partnerships, the Biden administration is undertaking an unprecedented effort to build out EV infrastructure and make electric cars more affordable. Hitting the 50% target by 2030 will require rapidly scaling these initiatives.
The most shocking news: here’s what’s happening with electric car sales
The demand for electric vehicles (EVs) has been steadily increasing over the last decade. In 2021, over 6.5 million EVs were sold globally, representing nearly 9% of total passenger vehicle sales. This was more than double the EV sales from 2020.
The upward trend is expected to continue as more automakers release new EV models and governments around the world implement policies to accelerate the transition. According to projections, EVs could make up over 30% of global car sales by 2030.
In the US, EV sales surpassed 807,000 in 2021, quadrupling from just 3 years prior. Tesla continues to lead the market, accounting for nearly 80% of domestic EV sales last year. However, legacy automakers like Ford, GM, Volkswagen, and others are rapidly expanding their electric lineups.
Consumer demand is outpacing supply, with reports of months-long waitlists for some of the most popular EV models. As battery costs fall and charging infrastructure expands, EVs are becoming more affordable and convenient for mainstream buyers.
As you have seen, US cars are doomed to disappear, at least by half. The deadline that the federal government is managing is closer than we could have imagined, and without a good subsidy package, it will not be so easy or likely to be met. Will they take the same path as the European Union? We shall see.