The major U.S presidential candidates have promised to support EVs. However, a win by Joe Biden is expected to initiate changes that will fasten electric vehicles’ adoption from Nikola Corp. and Tesla Inc. The election outcome will be a big determinant of how long it will take for EVs to be fully adopted. Both candidates have their proposals on the electric vehicle industry. Joe Biden’s proposal is on a high hand to ensure that people adopt EVs as quickly as possible. This is well formulated in his manifesto, something that many electric car makers are happy about. 

Some of Joe Biden’s plans are to build over 500,000 charging stations by 2030, institute measures to encourage EV usage and restore electric vehicle tax credit. All these measures are meant to attract buyers to shift from their petrol guzzlers to electric vehicles. On the other hand, President Donald Trump is expected to retain his initial plans for the industry. These plans were building a relatively lower number of charging stations and unfastening fuel emission standards. 

The big difference between these two candidates regarding EVs industry is the fuel-economy standards. Trump administration offered less backing for electric vehicles, proposing the U.S auto sales to be at 5% each year from 2022-2026. Electric car makers were not happy with this move. Biden suggests that EV sales be at 25% by 2026, with the total sales amounting to 4 million every year. Joseph Osha, JMP Securities analyst, said that EVs are the future vehicles, but the pace at which things are done can change everything. 

The front runners in electric vehicle manufacturers such as Palo Alto would benefit a lot with policy changes for quick adoption of EVs. This means that startups like Lordstown Motors Corp, Workhorse Group Inc., China’s Nio Inc., and Nikola will also gain a lot. The companies’ suppliers will also be the major beneficiary of the Biden administration. 

Other companies that expect to benefit from Biden win include battery makers like Contemporary Amperex Technology Co., Panasonic Corp., LG Chem Ltd. Battery metal companies such as Lithium Americans Corp., Livent Corp., Albemarle Corp., Tianqi Lithium Corp., and Sociedad Quimica y Minera de Chile SA will also reap some benefits. During his campaigns, Biden told the U.S miners that he would greatly promote domestic metals output used in the manufacturing of EVs and solar panels.

By admin