{"id":110792,"date":"2021-01-29T19:44:50","date_gmt":"2021-01-29T19:44:50","guid":{"rendered":"https:\/\/precoinnews.com\/?p=110792"},"modified":"2021-01-29T19:44:50","modified_gmt":"2021-01-29T19:44:50","slug":"bidens-green-push-gives-detroit-the-cover-to-go-electric","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/bidens-green-push-gives-detroit-the-cover-to-go-electric\/","title":{"rendered":"Biden\u2019s Green Push Gives Detroit the Cover to Go Electric"},"content":{"rendered":"<p><meta itemprop=\"security\" content=\"GM US Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">General Motors Co. Chief Executive Officer Mary Barra just stomped on the electric-vehicle accelerator pedal. Call it the Biden effect.<\/p>\n<p>Six months ago the automaker backed the Trump administration in a legal battle that could have neutered California\u2019s longstanding right to set its own tougher carbon-emission rules. About two weeks after Trump <meta itemprop=\"suid\" content=\"QJFXDEDWX2Q3\"><meta itemprop=\"type\" content=\"StoryLink\">lost, GM <meta itemprop=\"suid\" content=\"QK9TF1T1UM0W\"><meta itemprop=\"type\" content=\"StoryLink\">withdrew from that fight and two weeks after he left office, it <meta itemprop=\"suid\" content=\"QNNJFET1UM11\"><meta itemprop=\"type\" content=\"StoryLink\">pledged to match the state\u2019s mandate to sell only electric vehicles starting in 2035 &#8212; and do that all across the U.S.<\/p>\n<p><\/path><\/g><\/svg> 50,\u200b820  Million metric tons of greenhouse emissions, most recent annual data  <svg viewBox=\"0 3 100 47\"><\/p>\n<p><\/path><g class=\"marker svelte-xiruid\" transform=\"translate(69.13025193107656,15.638924777010443)\"><\/p>\n<p><\/path><\/g><\/svg> <span>Bishkek, Kyrgyzstan<\/span>Most polluted air today, in sensor range    <svg width=\"100%\" viewBox=\"0 0 400 100\" preserveAspectRatio=\"xMinYMid\" class=\"svelte-1agbo4c\"><defs><marker id=\"circle\" viewBox=\"0 0 3 3\" refX=\"1.5\" refY=\"1.5\" markerWidth=\"3\" markerHeight=\"3\" orient=\"auto-start-reverse\"><circle fill=\"currentColor\" cx=\"1.5\" cy=\"1.5\" r=\"1.5\"><\/circle><\/marker><\/defs><g transform=\"translate(2, 4)\"><\/p>\n<p><\/path><\/g><\/svg> $69.\u200b9B  Renewable power investment worldwide in Q2 2020 0 4 3 2 1 0 ,0 5 4 3 2 1 0 9 8 7 6 5 0 1 0 9 8 7   Soccer pitches of forest lost this hour, most recent data   <\/p>\n<p>            <script class=\"params\" type=\"application\/json\">{\"contentId\":\"QNNWF7T0AFB701\",\"position\":\"greensponsoredby\",\"dimensions\":{\"small_desktop\":[[190,31]],\"large_desktop\":[[190,31]],\"tablet\":[[190,31]],\"mobile\":[[190,31]]},\"positionIncrement\":2,\"targeting\":{\"position\":\"greensponsoredby2\",\"positionIncrement\":2,\"url\":\"\/news\/articles\/2021-01-29\/biden-s-green-push-gives-detroit-the-cover-to-go-electric\"},\"containerId\":\"greensponsoredby-lDiPCJ7\"}<\/script><\/p>\n<p>            More from<\/p>\n<p>                    Biden Revokes Oil Drilling Permits for Additional Review<\/p>\n<p>                    Duke to Sell $2 Billion Stake Amid Push to Build Renewables<\/p>\n<p>                    Sea-Doo Maker Seeks Growth Beyond Fan Base After Pandemic Boom<\/p>\n<p>                    Biden Just Linked&nbsp;Climate and&nbsp;Security. Next Comes&nbsp;Military Money<\/p>\n<\/aside>\n<p>Why the 180? Barra is getting a jump on President Joe Biden\u2019s policies, which are expected to help GM and its rivals build and sell more EVs in the U.S. He wants to restore the $7,500 tax incentives that companies including GM and <meta itemprop=\"security\" content=\"TSLA US Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">Tesla Inc. exhausted under Trump\u2019s watch, and Biden plans to build 500,000 charging stations across the country. That could make EVs more affordable and ease concerns of would-be buyers about battery-powered cars\u2019 driving range.<\/p>\n<p>Some see GM\u2019s about-face on the politics of clean cars as less a calculated policy move than a recognition of longer-term global forces at work.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.sailthru.com\/4wm\/1k4\/c\/2\/5fc7b5e2f2004.jpg\"><\/p>\n<p>\u201cThey would not make an announcement this substantial just for political purposes,\u201d said Joe Britton, executive director of the Zero Emission Transportation Association, a Washington-based lobby group pushing for full adoption of EVs by 2030. \u201cThis is a clear sign that electric vehicles are going to be the future and that we\u2019re in a bull market for innovation right now.\u201d<\/p>\n<p>Believe it or not, Biden\u2019s position has been met with a collective sigh of relief in some quarters of Detroit. The rest of the world is moving toward electric vehicles, and the Trump administration had no interest in easing that transition in the U.S.<\/p>\n<h3>Behind China, EU<\/h3>\n<p>While Trump was trying to prolong the era of the gas guzzler by watering down clean-air rules and resisting efforts to expand the EV tax credit, China\u2019s government has adopted rules and incentives that boosted EV sales in the world\u2019s largest car market. Almost all of the European Union\u2019s 27 member states have purchase or tax incentives for consumers who buy electric vehicles, and it\u2019s rapidly ratcheting up emission <meta itemprop=\"suid\" content=\"PTPYUADWX2PS\"><meta itemprop=\"type\" content=\"StoryLink\">restrictions to penalize automakers that don\u2019t sell enough EVs in Europe.<\/p>\n<p>As a result, China and the EU have jumped way ahead of the U.S. in EV adoption rates. Last year, of the 3.2 million EVs sold globally, 1.3 million were in China and 1.2 million were in the European Union and U.K. The U.S. accounted for just 328,000 sales, according to Swedish researcher EV Volumes.com.<\/p>\n<p>That put Detroit\u2019s carmakers in a spot. They get most of their revenue and profits at home in the U.S., where EV sales have been minimal. And they need help with economies of scale sufficient to drive down battery costs and create profit margins.<\/p>\n<p>Barra had been heading in this direction since 2017, when GM announced plans to build 20 different EVs by 2023, but most of them were bound for the Chinese market. GM <meta itemprop=\"suid\" content=\"QK265VT1UM1B\"><meta itemprop=\"type\" content=\"StoryLink\">accelerated that shift in November, promising 30 models by 2025 and an investment of $27 billion in electric and self-driving cars with more models planned for the U.S. <meta itemprop=\"security\" content=\"F US Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">Ford Motor Co. has been stepping up its efforts as well, budgeting $11 billion for EVs and more fuel-efficient vehicles.<\/p>\n<p>Biden\u2019s victory put some wind at the auto industry\u2019s back and makes the commitment to electric powertrains more palatable for their risk-averse corporate cultures.<\/p>\n<p><meta itemprop=\"suid\" content=\"QNOZW9DWRGHR\"><meta itemprop=\"type\" content=\"StoryLink\">Read More: Canada\u2019s EV Agenda Gets Boost as U.S., Detroit Pivot From Trump<\/p>\n<h3>Political Convenience<\/h3>\n<p>Even so, there also is a hefty dose of political convenience involved in the decision to go all-in on EVs. GM, <meta itemprop=\"security\" content=\"7203 JP Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">Toyota Motor Corp. and Fiat Chrysler Automobiles NV &#8212; now a part of <meta itemprop=\"security\" content=\"STLA IM Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">Stellantis NV &#8212; went along with Trump in his legal fight with California, throwing a bone to a <meta itemprop=\"suid\" content=\"PX2E5CT1UM0W\"><meta itemprop=\"type\" content=\"StoryLink\">temperamental president and thereby extending their ability to churn out cash-cow gas-guzzlers.<\/p>\n<p>Officially, GM said it always wanted one national standard instead of different rules from Washington and Sacramento. It just so happens that the company picked Trump\u2019s watered-down option.<\/p>\n<p>Critics of government subsidies were quick to see GM\u2019s move as a sign the market for EVs is maturing fast enough that no additional incentives are needed.<\/p>\n<p>\u201cGM is a publicly traded business and is making a strategic, calculated market decision,\u201d Tom Pyle, a former Trump adviser and current president of American Energy Alliance, a free-market advocacy group, said in a statement. \u201cIn no way should any taxpayer be responsible for GM\u2019s ability to achieve &#8212; or fail to achieve &#8212; their corporate goal of an all-electric light duty fleet by 2035.\u201d<\/p>\n<p>Big companies have long sought to position themselves in the most favorable light in Washington, regardless of which party\u2019s candidate is in the Oval Office. Carmakers are no exception. Former Ford CEO Mark Fields warned then-President Trump that overly tough mileage rules would put a million jobs <meta itemprop=\"suid\" content=\"OKGPP6SYF01T\"><meta itemprop=\"type\" content=\"StoryLink\">at risk, a prelude to Trump\u2019s rollback. And GM broadly touted its Chevrolet Volt plug-in after its 2009 rescue by the Obama administration, which later set a goal of putting a million electric vehicles on the road by 2015.<\/p>\n<h3>Carrot and Stick<\/h3>\n<p>Trump and his Twitter account are now silenced. With Democrats running the White House and having a majority in both chambers of Congress, the prevailing wind is definitely blowing against Detroit\u2019s status quo dependency on big sport-utility vehicles and trucks.<\/p>\n<p>Biden\u2019s plan also comes with a stick. Earlier this week, he <meta itemprop=\"suid\" content=\"QNLW8XT0G1KW\"><meta itemprop=\"type\" content=\"StoryLink\">vowed to reinstate vehicle emissions standards gutted by the Trump administration and set \u201cnew, ambitious ones that our workers are ready to meet.\u201d<\/p>\n<p><meta itemprop=\"suid\" content=\"QNM3YFDWRGG1\"><meta itemprop=\"type\" content=\"StoryLink\">Read More: Biden\u2019s Buy-America Dream Relies on Buying EVs That No One Makes<\/p>\n<p>Doing so would aid GM\u2019s electrification push and could encourage competitors to follow suit, said Joshua Linn, a senior fellow at Resources for the Future, a Washington think tank that focuses on environmental policy and economics.<\/p>\n<p>\u201cCompanies don\u2019t want to get out too far ahead of the market,\u201d he said. \u201cHaving more ambitious policies, greenhouse-gas standards and maybe a national zero-emission vehicle program will help support the entire market moving in that direction.\u201d<\/p>\n<p>GM\u2019s worst nightmare is a scenario in which its commitment to EVs isn\u2019t met with higher consumer demand, allowing rivals with less ambitious electrification plans to steal away business. Biden may be giving GM some of the cover it needs to proceed.<\/p>\n<p><em>\u2014 With assistance by Will Mathis, and Jennifer A Dlouhy<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-01-29\/biden-s-green-push-gives-detroit-the-cover-to-go-electric?srnd=premium\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Motors Co. Chief Executive Officer Mary<\/p>\n","protected":false},"author":3,"featured_media":110791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Biden\u2019s Green Push Gives Detroit the Cover to Go Electric - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/bidens-green-push-gives-detroit-the-cover-to-go-electric\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden\u2019s Green Push Gives Detroit the Cover to Go Electric - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"General Motors Co. 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