🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Utilities, Tesla, Uber create U.S. lobbying group for electric vehicle industry

Published 11/17/2020, 05:52 PM
Updated 11/17/2020, 07:30 PM
© Reuters. FILE PHOTO: Logo of Tesla
DUK
-
PCG
-
TSLA
-
ALB
-
UBER
-

By David Shepardson

WASHINGTON (Reuters) - A group of major U.S. utilities, Tesla (O:TSLA), Uber (N:UBER) and others said on Tuesday they are launching a new group to lobby for national policies to boost electric vehicle sales.

The new Zero Emission Transportation Association wants to boost consumer electric vehicle incentives and encourage the retirement of gasoline-powered vehicles. It also advocates for tougher emissions and performance standards that will potentially enable full electrification by 2030.

Under President Donald Trump, the White House rejected new tax credits for electric vehicles as it proposed to kill existing credits and made it easier to sell gas-guzzling vehicles.

President-elect Joe Biden promises new tax incentives, including new rebates to buy EVs and a dramatic expansion of charging stations for electric vehicles - policy measures automakers have long advocated.

"We can own the electric vehicle market — building 550,000 charging stations — and creating over a million good jobs here at home — with the federal government investing more in clean energy research," Biden said Monday.

Biden's measures are in line with the group's call for "strong federal charging infrastructure investments" and its goal to reach 100% electric vehicle sales by 2030.

Uber chief executive Dara Khosrowshahi said the group will support "Uber's work to move 100% of rides to EVs in (the United States), Canadian and European cities by 2030 and go fully zero-emissions by 2040. It will take all of us working together to address the urgent crisis of climate change."

Automakers in the United States sold 326,000 EVs in 2019, accounting for about 2% of total U.S. auto sales. Tesla sold nearly 60% of the total.

Other members include ConEdison (N:ED), Duke Energy (N:DUK), PG&E (N:PCG) along with EV charging companies like Chargepoint and EVgo, fledging automakers like Lordstown Motors (O:RIDE), Rivian and Lucid Motors. Also part are Albemarle Corp (N:ALB), the world's largest producer of lithium for electric vehicle batteries, Piedmont Lithium (AX:PLL) and Siemens (DE:SIEGn)

In September, California Governor Gavin Newsom said the state plans to ban the sale of new gasoline powered passenger cars and trucks starting in 2035 in a dramatic move to shift to electric vehicles and reduce greenhouse gas emissions.

© Reuters. FILE PHOTO: Tesla's primary vehicle factory reopens in Fremont

California is the largest U.S. auto market, accounting for about 11% of all U.S. vehicle sales. Many states have adopted its green vehicle mandates.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.