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    Home»Stock»President Biden’s EV “mandate” is Trump’s latest political bogeyman
    Stock

    President Biden’s EV “mandate” is Trump’s latest political bogeyman

    msmarkBy msmarkJune 18, 2024No Comments5 Mins Read
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    With the US presidential election approaching in a few months, a war of words is heating up between current President Joe Biden and his Republican rival, former President Donald Trump.

    As the duo exchanged and refuted views on a wide range of issues affecting ordinary Americans, President Trump promised his ardent supporters that the Biden administration’s controversial policy would see the sunset once he sat in the Oval Office.

    RELATED: Ford Ends Controversial Electric Vehicle Program, Shocking Dealers

    Republican presidential candidate, former US President Donald Trump delivers remarks to the press at the National Republican Senatorial Committee building on June 13, 2024 in Washington, DC.

    Anna Moneymaker/Getty Images

    According to a recent report by Bloomberg, Trump is continuing his political rhetoric targeting one of the Biden administration’s green policies.

    At a private event attended by lawmakers at the Capitol Hill Club in Washington, D.C., late last week, the former president spoke out against Biden’s electric vehicle policies and made clear that he intends to reverse them once he takes office.

    to talk To BloombergRep. Ross Fulcher (R-ID) noted that Trump told the audience that “the whole mandate on battery and electric is crazy,” adding that he plans to take action against electric vehicle policy once he reaches the White House.

    “He said the policy would be completely reversed,” Fulcher said. “He has made it very clear that he opposes the policies we are pursuing.”

    A dog looks out the window of a Tesla electric car charging at the Tesla Supercharger location in Santa Monica, California on May 15, 2024.

    Patrick T. Fallon/Getty Images

    Trump is seeking to reverse newly revised EPA rules unveiled in March, which were put in place More flexible compared to those that will be unveiled in 2023. Under the revised rules, the administration aims for at least 56% of new car sales to be electric vehicles by 2032, a figure that has been reduced from about 67% in the precious year.

    In order to achieve these goals, the administration has encouraged the growth of electric vehicles by investing in charging infrastructure Giving up more than $1 billion in electric vehicle and additional federal tax incentives Through the inflation reduction law. However, any percentage target for electric vehicles is too high for the former president.

    Another attendee at the meeting, Rep. Morgan Griffith (R-Va.), noted that Trump complained that Biden was forcing people through his policies to buy electric vehicles.

    “He said it was crazy,” Griffith said. “He’ll do something about it.”

    More EV business:

    • A new study suggests that electric vehicles are fueling an impending environmental crisis
    • The GM president has bold plans to revive the iconic electric vehicle
    • Ford’s CEO says this iconic model will “never” be an electric car

    RELATED: Jay Leno shuts down electric car skeptics in recent podcast appearance

    The dirty secret of Biden’s “electric state”

    US President Joe Biden joins G7 leaders as they gather to watch the parachute drop at San Domenico Golf Club in Fasano, Italy.

    Christopher Furlong/Getty Images

    While the former president was talking up Biden’s electric vehicle policies, a new report released by Reuters analyzed the real-world impacts of the EPA’s revised so-called “electric vehicle mandate,” finding a major loophole that automakers could use to comply with government rules. .

    in Recent reportReuters looked at revised changes to the EPA’s rule for electric vehicles in March, which would require 56% of new cars sold by automakers in 2032 to be electric. In order to achieve this, automakers can commit to the goal by producing more hybrid cars.

    Powered by a combination of gasoline and electric power, these vehicles are a popular choice for American consumers. It’s currently offered in “passive vehicles,” including large, gas-guzzling SUVs like the Stellantis (STLA) The Jeep Grand Cherokee, Wrangler 4xe and Range Rover brands, however, data from researchers and California regulators finds their true emissions to be about 25% to 75% higher than the EPA claims.

    US President Joe Biden exits a Jeep Wrangler Rubicon 4xe after driving it around the White House driveway.

    Win McNamee/Getty Images

    According to Reuters, the EPA relies on a formula that assumes plug-in owners charge their cars more at EV charging stations than they actually do in real life; In contrast, plug-in drivers rely on the plug-in’s gas-powered engine most of the time they actually drive it.

    By allowing this provision, Reuters found that under the revised rules, average carbon emissions per mile from cars and light trucks would be 14% higher between 2027 and 2032 than under the previous ruling.

    In the original proposal that called for two-thirds of cars sold in the U.S. to be electric in 2023, the EPA proposed replacing the 14-year-old formula for plug-in hybrid emissions with a new formula “determined from the real world.” data” on charging, but they have been pressured by automakers to keep it until 2031, stating that a more restrictive formula would stifle innovation in plug-ins.

    RELATED: Veteran Fund Manager Picks Favorite Stocks for 2024

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