Biden’s $12 Billion Answer To Converting The Trillion Dollar Auto Industry

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 68%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

The Biden administration is offering $12 billion in grants and loans to automakers and suppliers to retrofit their plants to manufacture electric vehicles

came up with some encouraging findings for EV buffs but also some worrying ones for EV makers. Cox Automotive is the world’s largest automotive services and technology provider.

” Jeremy Robb, senior director of economic and industry insight at Cox Automotive, told reporters at a briefing.The big takeaway here is that the EV sector might be getting overcrowded, and is not the only one to blame here. According to Cox Automobile’s estimates,no less than 33 new EVs will be launched in 2023 alone, and more than 50 additional new or updated EVs will be launched in 2024.

39,096 all-electric vehicles in the U.S., up 57% year-over-year. While that figure accounts for just 1.7% of GM's total volume sold and cannot handle a candle to, GM might turn the tables on Tesla a few years down the line. GM CEO Mary Barra has revealed that the company plans to produce ~400,000 electric vehicles from 2022 through the first half of 2024, and that the company will be capable of annual EV production of more than one million in North America in 2025.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Man United 'will be taken OFF the market' by the GlazersThe Glazers are holding out for £10 billion for Manchester United.
Source: sportbible - 🏆 89. / 53 Read more »

Man Utd are not for sale! Glazer family to take club off the market as hated owners hold out for £10 billionManchester United's long-term owners tumultuous tenure will continue as no bidder came close to their asking price after months of bids and talks.
Source: goal - 🏆 59. / 63 Read more »