Buttigieg Voices Confidence In EV Future

Electric vehicles are permanent, according to Biden’s transportation secretary.

Transportation Secretary Pete Buttigieg was on Fox Business’ Varney & Co., where he praised the Biden administration’s electric vehicle (EV) initiative and its beneficial effects on the American people.

According to Buttigieg, electric vehicles are in such high demand in the US because of their dependability and cheap maintenance costs.

But for model years from 2000–2023, customers reported 79% more difficulties with electric vehicles compared to gas-powered cars, trucks, and SUVs, and nearly 150% more issues with plug-in hybrids, according to Consumer Reports’ annual auto dependability brand rankings, which were announced in November.

According to Buttigieg, in an attempt to encourage Americans to forego gas-powered vehicles in favor of electric ones, the Biden administration unveiled its regulation governing tailpipe emissions earlier this year, reaching carbon emission reductions of approximately 10 billion tons by 2055 and claiming to save customers $12,000 on average over the lifespan of vehicles.

Over the last several years, the percentage of EVs on the road has steadily increased. Half and half is our target at the conclusion of this decade. It is something that will happen, Buttigieg claimed. He said gas vehicles were old technology.

Buttigieg is optimistic that Americans will autonomously transition to electric vehicles, even if the government has faced criticism for its EV initiatives.

According to reports, manufacturers and dealers are reportedly cutting prices and offering other incentives to clear out unsold electric vehicle inventory in response to falling sales.

According to Edmunds analyst Joseph Yoon, there was a forecasting error about demand and the desirability of electric vehicles.

Ford and Hyundai are among the automakers advertising cash-back deals on certain automobiles that may exceed $7,500. The Mustang Mach-E SUV was likewise marked down in price by Ford.

With what it called competitive realities in mind, electric car startup Fisker cut the price of its newly released Ocean Extreme SUV by $7,500 in October.

Leasing alternatives, such as reduced payments and shorter terms, are available from other businesses.

According to specialists in the field, consumers’ reluctance to pay premium pricing for electric cars is the reason for the price cuts.