Biden has now upped the ante by pressing automakers for that 50 percent electric goal by 2030. California and Massachusetts similarly have announced ambitions to ban new cars with internal combustion engines by 2035. The European Union is proposing tough regulations on carbon dioxide emissions from cars made or sold in Europe that would effectively ban the sale of new cars with internal combustion engines after 2035. 1 factor speeding the shift to EVs is governments putting an increasingly heavy foot on the accelerator. “This step marks a profound reallocation of capital.” … The tipping point is getting closer,” Mercedes CEO Ola Källenius said last month. Mercedes just leapfrogged with a goal of being all-electric for light vehicles by 2030. General Motors has set the goal of going all-electric by 2035. Today, automakers around the world are racing to catch up with Tesla and bring out a full slate of electric vehicles. Now let us fast forward just a few years. GM followed up in 2016 with the Bolt, a major project accomplished in double-time under the then-head of development and now-CEO Mary Barra. Nissan, where engineers had been working on an electric car for more than two decades, introduced the Nissan Leaf in 2010, the same year that General Motors came out with the Chevy Volt. But there soon were other early entrants. The Roadster, starting at over $100,000, was not exactly a mass market car. Some years later, Musk said that without that lunch, “Tesla wouldn’t exist, basically.” It was an idea originally championed by Thomas Edison more than a century ago, but which had failed in the face of the Model T. When Musk showed no interest, Straubel switched to an electric car. Straubel, had lunch at a fish restaurant in Los Angeles with Elon Musk, trying to convince him about the potential of an electric plane. Five years earlier, a young electric vehicle enthusiast, J.B. Moreover, its appearance was somewhat accidental. At the time, the all-electric Roadster looked like a novelty. It was in 2008 that an initial glimmer of what is now Biden’s vision appeared with the arrival on the road of the first commercial electric car of modern times - the Tesla Roadster. But no matter how much money is spent, shifting such a vast industrial and consumer ecosystem that is so basic to the economy faces big challenges, with the result that the share of new car sales that are EVS by 2030 will more likely be about 25 percent. In response to government policies, automakers are committing many tens of billions of dollars over the next 10 years to EV development.
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