While the United States reels from a period of political turmoil, the electric vehicle industry in the United States holds many promises if the upcoming administration comes into power. The electric vehicle industry has come a long way since Joe Biden’s previous election into office as the vice president. At that time, the industry featured notable entries, with this love being the only substantial provider of electric vehicles that had the potential to upset the internal combustion engines.
The so much has the industry grown that eight years later and upon Joe Biden’s swearing-in as president of USA, Tesla total valuation standing at five times the combined value of Ford Motor Company, General Motors, and Fiat Chrysler automobiles. Watching the rise in the value of Tesla as a company in less than ten years from its initial start as an electric vehicle company with a dream hoping to take on the internal combustion engine manufacturers provides significant revelation towards requirements for the electric vehicle market. The Biden administration has a general perspective of what the market wants and what needs to be done to push electric vehicles’ development further.
There is increasing confirmation on the tremendous effect of electric vehicles on the future of transportation. Likewise, experts speculate that the administration has a lot of Promise for the electric vehicle market. It is likely to push for energy efficiency and environmental conservation in the Obama administration time. Experts relate that with this change in administration comes the realization for automotive companies to fully adopt renewable transportation.
However, the administration will lay out policies and plan to help conventional internal combustion engine vehicle makers’ transition towards a fully renewable product line. There is an extensive need for such developments if the industry plans to re-establish itself as a leader after falling short of its development to Europe and Asia.
Such a move hopes to provide new ventures in the American electric vehicle market while also providing investors with extensive opportunities into the renewable energy transportation sector. Either way, the electric vehicle industry gets to benefit from an increase in investment. These developments will open doors for increased competition and better products for the consumers as well. President-elect Joe Biden promises that his administration will revolutionize the industry significantly, stating that his administration plans to push renewables and plans to push electric development further than before from the previous administration.