The Environmental Protection Agency – whose name is now become rather ironic – has proposed deregulatory actions to delay compliance deadlines for emissions standards. These regulations that were designed to significantly reduce greenhouse gas emissions, nitrogen oxides, particulate matter, and hydrocarbons from vehicles are to be delayed making the vehicles more affordable for Americans.
EPA’s statement claims that Americans have “overwhelmingly rejected” electric vehicles and auto manufacturers have lost billions of dollars investing in the production of these vehicles. The elimination of the green vehicle tax credit certainly did reduce demand for EVs for a period of time, but that has turned around dramatically since the price of gasoline has shot up in the wake of the war in Iran.
Even as the U.S. wallows in an ideological quagmire, global electric car sales are expected to reach 23 million this year, accounting for close to 30% of all cars sold worldwide.
Chinese automakers supplied 60% of electric cars sold worldwide with BYD the largest manufacturer. Tesla is the second largest manufacturer but is actually the largest manufacturer of purely battery electric as opposed to plug-in hybrid cars. Other American carmakers have pulled back from electric car efforts, thereby handing over a rapidly growing global market to Chinese and other foreign manufacturers.
In the US, hybrids are in fact the fastest growing segment of the U.S. auto market. As gasoline reaches increasingly uncomfortable price levels, enthusiasm for fully electric cars will undoubtedly increase.
