Biden To Sign Executive Order For 50% of Cars To Be EVs by 2030: “The Future of the Auto Industry Is Electric”

President Biden will sign an executive order today, setting a new target of electric vehicles representing half of new vehicles sold in 2030, according to the White House.

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“The future of the auto industry is electric — and made in America. Today, I’m signing an executive order with a goal to make 50% of new vehicles sold by 2030 zero-emission — and unveiling steps to reverse the previous administration’s short-sighted rollback of vehicle standards,” Biden tweeted today.

A slew of carmakers responded to the announcement, including Ford, GM and Stellantis. In a joint statement today, the companies said they shared the aspiration to achieve sales of 40-50% of annual U.S. volumes of electric vehicles (battery electric, fuel cell and plug-in hybrid vehicles) by 2030 in order to move the nation closer to a zero-emissions future consistent with Paris Climate Agreement’s goals.

“Our recent product, technology, and investment announcements highlight our collective commitment to be leaders in the U.S. transition to electric vehicles. This represents a dramatic shift from the U.S. market today that can be achieved only with the timely deployment of the full suite of electrification policies committed to by the Administration in the Build Back Better Plan, including purchase incentives, a comprehensive charging network of sufficient density to support the millions of vehicles these targets represent, investments in R&D, and incentives to expand the electric vehicle manufacturing and supply chains in the United States,” the companies said in the statement.

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BMW, Ford, Honda, Volkswagen and Volvo also issued a joint statement, saying that they support the Administration’s goal of reaching an electric vehicle future and applaud President Biden’s leadership on reducing emissions and investing in critical infrastructure to achieve these reductions.

“While the California framework companies are driving towards 40-50% of our sales being EVs in the next nine years, bold action from our partners in the federal government is crucial to build consumer demand for electric vehicles and put us on track to achieve the global commitments of the Paris Climate Agreement,” they said.

California Governor Gavin Newsom said he “applauds the Biden Administration’s move to boldly reduce climate pollution from cars, inspired by California’s nation-leading framework,” according to a statement.

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“The climate emergency demands no less. Today’s proposal will help to clean the air and create a healthier future for our children and our planet. We look forward to continuing our decades-long collaboration with federal partners to build on California’s clean car leadership and deliver the investments needed to support the nationwide build-out of clean vehicle infrastructure.”

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Last updated: August 5, 2021

This article originally appeared on GOBankingRates.com: Biden To Sign Executive Order For 50% of Cars To Be EVs by 2030: “The Future of the Auto Industry Is Electric”