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The U.S. Environmental Protection Agency (EPA) will likely meet next week to propose new rules relating to vehicle emissions pollution, cutting down on levels to force automakers to sell more electric vehicles, Reuters reported, citing sources.
The new rules will likely cover 2027 through 2032 model years. Some automakers and environmental groups expect the proposal will lead to at least 50% of the U.S. vehicle fleet by 2030 being electric or plug-in hybrids. The move will be as per the aspirations of U.S. President Joe Biden, which he outlined in 2021.
California has an even more aggressive approach and wants a ban on all gasoline vehicles by 2035. The real problem with the approach is whether this goal can be achieved by the deadline. One of the significant issues is the production of enough lithium batteries within a small time frame to accommodate all vehicles.
Numerous car makers are taking practical steps to increase the production of electric vehicles and focusing less on traditional engines.
Related: Top 4 Best EV Stocks for Long-Term Investment in 2023
Toyota overhauling EV strategy?
Toyota is overhauling its strategy towards electric vehicles, Reuters reported, citing four people with knowledge of the matter. The company has recently made changes in the management team, and changes may be associated.
Toyota has so far reacted slowly to the EV revolution and needs to take giant leaps to catch up with the current market leaders like Tesla. Toyota manufactures its EVs on the same assembly lines as its gasoline and hybrid vehicles. Using the same lines stops the Japanese manufacturer from reaping the benefits of a specialized line for EVs, like Tesla, which massively produces EVs in its Giga factory. The auto giant will also need to take other steps to compete in this relatively unsaturated market.
Ford makes further inroads into the EV market
Ford Motor Co. introduced a new electric Courier van to boost the EV business in Europe. Many companies already offer similar products in the continent, such as Chinese automotive manufacturer NIO.
The courier van is 25% larger than the current Ford model in Europe. The van, which also comes in gasoline and diesel models, can carry more weight than the currently available option.
Europe aims to ban all new fossil fuel-driven vehicles by 2035. However, the pace of adopting new standards varies in individual countries, and companies will continue to use EVs and vehicles with combustion engines for the foreseeable future.
On a separate note, Ted Cannis, the CEO of Ford Pro, said the automaker expects many U.S. commercial fleet customers will receive $7,500 tax credits if they acquire electric Transit vans. According to the company, new U.S. government rules will lower tax credits for retail buyers of electric Transit vans to $3,750 as of April 18.
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