Recently, US President Joe Biden tweeted that big news would be announced soon about the country’s future with electric vehicles. Detroit’s big three OEMs plan to make a big announcement of their own, relating to their increased EV targets by 2030.
“When I say electric vehicles are the future, I’m not joking,” tweeted President Biden. “Tune in for the big news tomorrow.”
General Motors, Ford, and Stellantis—Chrysler’s parent company—doesn’t seem to think Biden is joking. Detroit’s Big Three automakers plan to make a big announcement as well. Sources familiar with the matter told Reuters that the Big Three aims to increase their electric vehicle sales by 40% to 50% by 2030.
The goal to increase EV sales comes amidst an effort to gain billions in US government assistance to help the transition to electric vehicles. Congress has been finalizing the President’s proposed Bipartisan Infrastructure Bill for the last few weeks. The $550 billion Infrastructure Bill is an extensive piece of legislation, including significant investments in EV infrastructure and building a clean electric grid. For instance, the bill includes a $7.5 billion fund to manufacture and install electric vehicle charging stations.
GM, Ford, and Stellantis plan to make a joint statement that EV targets are dependent on additional government support for EVs and the charging industry. However, the wording of their statement could still change before the announcement.
Traditional OEMs, like Detroit’s Big Three, are spending billions on the transition to producing electric vehicles. Tesla, which only produces electric vehicles, has a wide lead in the EV industry. Tesla also established some of the traits associated with modern electric vehicles that consumers have come to expect, like a more tech-savvy infotainment system, which legacy automakers still seem to find challenging.