Biden Pumps the Brakes on Electric Vehicle Push as Consumer Demand Plummets

Democrat President Joe Biden has been forced to pump the brakes on his push for electric vehicles (EVs) – a central component of his radical green agenda.

Biden is reportedly seeking to ease off on his aggressive EV requirements ahead of the critical 2024 presidential election.

The move comes as demand for EVs has plummeted among consumers, i.e. voters.

Last spring, just before electric vehicle demand began to soften, the EPA proposed a 56% reduction in new vehicle emissions by 2032.

The proposal means that automakers are expected to aim for EVs to make up 60% of new vehicle production by 2030.

The eased rules are expected to bring that EV production requirement below 60% by 2030, according to Reuters.

The incoming revision comes amid continuing pressure from car companies and the United Auto Workers (UAW) union to ease the requirements.

The move also comes amid loud criticism from Republicans and 2024 frontrunner President Donald Trump.

After a long wait, Biden finally secured an endorsement from the UAW in January.

The union, which President Shawn Fain says supports an electric future for the automotive industry, has expressed concern with the pace of Biden’s proposed ramp-up in EV sales.

However, despite the official endorsement for Biden, Fain admitted that most UAW members will likely vote for Trump, as Slay News reported.

Political pressures aside, a rethinking of emission restrictions and EV requirements may have been inevitable after demand for vehicles pulled back more drastically in the second half of 2023.

As wealthy early adopters drop out of the EV market and more frugal buyers enter, a mismatch between supply and demand for plug-ins has thrown the initial growth curve for EVs out of whack.

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Car dealers were among the first to sound the alarm on the sea change for EVs, turning away allocations of electric cars they didn’t think they could sell.

Companies responded by pulling back on EV production and abandoning aggressive EV targets in Q4.

Car companies started this year by going back to the drawing board on their own aggressive EV plans, responding to a plateau in the segment.

The automotive industry was once split on the path forward for electric vehicles, however.

One camp sought to skip plug-in hybrids and focus solely on pure electrics while the other focused on hybrids as a near-term technology bridge with more EVs down the road.

The EPA’s revised requirements would support the hybrid approach, which is gaining momentum after a recent move from GM to bring hybrids to North America.

READ MORE – Toyota: Electric Cars Will Never Dominate Market

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By Nick R. Hamilton

Nick has a broad background in journalism, business, and technology. He covers news on cryptocurrency, traditional assets, and economic markets.

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