EI report with the University of California, Berkeley and GridLab shows if the U.S. sells only electric vehicles by 2035, it could save drivers and fleets about $2.7 trillion in vehicle, fuel, and maintenance costs through 2050.
EI’s policy report explains why strong federal fuel economy standards, state-level zero-emission vehicle standards, financial incentives, and labor standards to buy domestic manufacturing are necessary to achieve all-electric vehicle sales by 2035.
EI’s Sara Baldwin says the transition from fossil-fuel-powered cars and trucks to electric vehicles is already underway, but the U.S. needs increased policy ambition to truly accelerate market transformation, sustain and create good-paying jobs, and aid in the country’s economic recovery.
Electrifying every new car and truck sold in the U.S. by 2035 would save consumers $2.7 trillion and create more than 2 million jobs by 2035, but these benefits will only be realized with greater policy ambition including strong national fuel economy and tailpipe emissions standards for all vehicle classes.
New research shows not only is it technologically feasible to electrify every new car and truck sold in the U.S. by 2035, it would also save consumers $2.7 trillion and support more than 2 million jobs, but these benefits will not be realized without smart policy.
This dynamic online data explorer supports the 2035 2.0 research by allowing anyone to explore how all-electric vehicle sales by 2035 impact vehicle cost, sales, and stock over time, as well as associated job creation and reductions in carbon emissions, and impacts on the power sector.