The United States has set a goal to reach 100 percent carbon pollution-free electricity by 2035. President Joe Biden has proposed building 500,000 electric vehicle charging stations and providing consumers rebates and tax incentives to accelerate electric vehicle manufacturing in the United States and help more people purchase electric cars.

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Here’s what Biden plans that could boost EV sales, and stock prices of those companies, in the U.S.!

CAFE

The federal fuel economy rules — formally known as the Corporate Average Fuel Economy, or CAFE, standards — were designed to push automakers to increase the fuel efficiency of their vehicles to reduce the country’s dependency on fossil fuels.

Cash For Clunkers

Biden has said he is supportive of a “cash for clunkers” rebate program that would encourage Americans to trade in their older vehicles for new EVs.

Tax Credit

Consumers can currently get a federal tax credit of up to $7,500 on the purchase of an all-electric or plug-in hybrid electric vehicle, but not all cars are eligible.

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As the year 2020 came to an end, motor vehicle sales in the United States finished on a high note. Following the Covid-19 disruption, the U.S. auto sector began to recover in the third quarter. U.S. motor vehicle sales reached between 14 and 15 million units in 2020. The first four months of 2021 continue to follow a general upward trend.

At around one million unit sales, light trucks remained the largest U.S. auto market segment in April 2021, slightly down from roughly 1.2 million unit sales in March 2021 and up by a staggering 112 percent year-on-year. The U.S. auto market finished a difficult year on a high note: In December 2020, about 1.65 million motor vehicles were sold to customers in the United States. The U.S. motor vehicle market tanked amid the country's coronavirus outbreak in the spring of 2020, but sales rebounded in May 2020.

The second quarter of 2020 saw a significant drop in automotive sales volume compared to the year before. Most of the disruption was seen in May, before restrictions to curtail the coronavirus pandemic were lifted. Sales showed signs of recovery in the following months.