Menu
Banking Exchange Magazine Logo
Menu

Biden Sets New Electric Vehicle Target for US

Executive order signed to slash transport emissions

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
Biden Sets New Electric Vehicle Target for US

President Joe Biden has set a new electric vehicle target for the US, signing an executive order as part of plans to slash transport emissions.

The order calls for half of all new vehicles sold in the US to be electric by 2030.

This is another move by President Biden to reverse retrogressive climate change policies established during the Trump administration.

The measure of miles per gallon (mpg) is typically used as a standard for policymakers, given the link between fuel efficiency and pollution.

In 2012, President Barack Obama set a target of 36.8mpg for the Environmental Protection Agency and National Highway Traffic Safety Administration. This target was set for automakers to reach for new models released in 2023.

However, President Donald Trump lowered President Obama’s target to 32.2mpg.

President Biden’s new order has been seen as a move away from this policy. Chief executives from Ford, General Motors, and Stellantis all attended the signing of the order.

Each company has announced its own targets of 40-50% of sales to be derived from zero emission vehicles by 2030.

Electric vehicles have experienced a surge in popularity and this has become evident in the performance of exchange-traded funds (ETFs) dedicated to the sector.

The $256 million KraneShares Electric Vehicles and Future Mobility ETF launched in January 2018 and has since created cumulative returns of more than 96%.

Other fund launches have followed with similar success. The $439 million iShares Self-Driving EV and Tech ETF launched in April 2019 and has since generated cumulative returns of just over 100%.

back to top

Sections

About Us

Connect With Us

Resources

Webinar — Leveraging Open Banking Trends to Transform Your Institution

Time/Date: October 5th, 2:00 CT

The concept of open banking is ushering in exciting new possibilities for financial institutions of all sizes, transforming how they do business and driving new revenue opportunities. Join Shane Ferrell, Vice President of Product Strategy and Director of Software Engineering Barkley Hughes as they answer these questions and more: 

• What is open banking, and how does a financial institution take full advantage of this rapidly growing technology?

• What are key areas to look for when considering leveraging a third-party technology or an open banking marketplace?

• What role does FDX play in the future of open banking?

REGISTER NOW!

This webinar is brought to you by:
OneSpan logo