Biden Administration Considers Delaying EV Sales Targets Due to Weak Demand
• Biden administration considering delaying requirement for automakers to rapidly increase EV sales until after 2030 amid weak consumer demand
• Automakers struggling with profitability of EVs - Ford projected $5B+ loss on EVs in 2022, consumers balking at high prices
• Requirement would have mandated 67% of new car sales be electric by 2032, up from just 7% in 2023
• Delay results from competing demands between environmentalists wanting climate action and auto workers concerned about jobs impact
• Ford, GM CEOs signal openness to partnerships on EV tech to drive down costs and better compete with low-cost Chinese EVs