President Biden is a muscle car enthusiast, with a 1967 Corvette that he received from his father as one of his favorite possessions. However, he is working to make this a world of electric cars.
He launched a $2 trillion infrastructure plan on Wednesday that involves investing up to $174 billion to enable Americans to turn to electric cars and trucks rather than gasoline or diesel cars and trucks. That is a significant investment, but it might not be enough to persuade most Americans to switch to electric vehicles.
Even with manufacturer incentives, a well-developed charging network, and a willing public, the transition to electric vehicles could take decades. In recent years, carmakers have increased automotive durability, resulting in a large number of cars remaining on the road for an extended period of time. According to IHS Markit, the average age of cars and light trucks in the United States is approaching 12 years, up from 9.6 years in 2002.