Biden's Infrastructure plans spikes EVs interest in Americans: Cars.com survey

Apr. 23, 2021 1:30 PM ETF, GM, LI, TSLA, WKHS, BLNK, NKLA, VWAGY, RIDE, XPEV, CHPT, FSRBy: Khyathi Dalal, SA News Editor152 Comments
  • A research by Cars.com indicates that Americans' interest in electric vehicles is on the rise with 66% of the respondents in national survey stated an increased desire to buy an EV.
  • This is on the heels of President Biden's infrastructure plans to invest $174B in the EV market including a national network of 500K EV charging locations by 2030.

  • Biden's plan, which includes $100B for power infrastructure, provides a targeted investment tax credit for high-voltage transmission needed to move renewable energy from remote locations to population centers.

  • Contrary, 81% of the respondents believe that barriers still remain thereby obstructing the path to purchase EV.
  • Nearly 20% of Americans report the lack of SUVs in the current EV lineup as a critical factor in the desire to purchase a traditional gasoline vehicle.
  • However, the market awaits the highly anticipated release of SUVs such as 2021 Volkswagen (OTCPK:VWAGY) ID.4 and the Tesla (NASDAQ:TSLA) Model Y; that interest is further enhanced by the 2021 Ford (NYSE:F) Mustang Mach-E all-electric SUV.
  • Launched in December, the Mach-E accounts for 34% of total EV search share on Cars.com, the highest among any EV or hybrid vehicle on the site.
  • Among the obstacles preventing consumers from buying electric vehicles are cost, limited range and lack of charging stations.
  • However, if gas prices continue rising, 76% of car owners would assess switching to an EV; 35% of current EV owners cited gas savings as one of the factors that led to the purchase.
  • Supporting factors are the recent progress in Biden's administration: According to a statement, DOT announced guidance on how grants can be used to deploy charging infrastructure and newly designated alternative fuel corridors; DOE announced new funding and partnerships for charger-related research and development; and GSA announced progress on the goal to transition the federal fleet to zero-emission vehicles.
  • In March, U.S. crossed the milestone of 100K public chargers as recorded by DOE's Alternative Fuel Data Center.
  • EV Sector Watch: (NASDAQ:NKLA), (NYSE:XPEV), (NASDAQ:LI), (NASDAQ:WKHS), (NASDAQ:RIDE), (NYSE:FSR), (NASDAQ:BLNK), (NYSE:GM), (NYSE:CHPT)
  • Related reads: In-depth analysis of the infrastructure plan, What President Biden's $2T+ American Jobs Plan Could Mean For U.S. Infrastructure by SA Contributor Global X ETFs

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