It is not all about policy.
this year. As the country's single largest auto market, California can also lead the way in the transition to electric transportation.makes the regulators' intent clear when it comes to reducing carbon emissions from the transportation sector. However, the regulators are calling for a massive transition that requires a major overhaul of many components that make up the automotive industry. Here's a quick look at them.
Under measures to reduce inflation, the U.S. now allows for a $7,500 tax credit if car owners opt for an electric vehicle rather than a gas-powered one today. However, that does not entirely remove the car's high cost. Fuel prices may be record-high today, but the price of an internal-combustion engine-powered car is far lesser, making it more affordable to buyers.
The second primary reason why EV makers can't bring down the prices of their cars yet is that the batteries, the critical component of EVs, still cost a bomb. Experts told NPR that the cost of an EV battery today is more than what it takes to make an internal combustion engine and is only expected to come at par by 2025.To reduce the cost of batteries, carmakers in the U.S. need access to rare earth minerals and reduce their dependence on China for processing components like lithium.
Even if it were to lay off its old workforce, automakers would struggle to find sufficient numbers of personnel to take up large volume assembly of its EVs, creating a massive bottleneck in production. Without enough cars in production, there won't be enough EVs on the road either. How California addresses all these issues remains to be seen.
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