NEWSNOTES | January 24, 2025
News Notes
Friday, January 24, 2025
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Rachel Baker
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| NewZE - NewsNotes in Audio Enjoy this week's recording of NewZE, an in depth audio format of our weekly NewsNotes. We've made it easier than ever to stay informed while on the go. Last week CALSTART published the 6th iteration of our Zeroing in on Zero-Emission Trucks (ZETs) Report. This update highlights the continued increase in medium- and heavy-duty ZET deployments in the U.S. and offers insights into key trends driving growth in this market, as well as opportunities to further accelerate this growth. CALSTART members can register for an exclusive briefing on 1/28 here. Kabir Nadkarni, CALSTART’s EV Industry Assessment Specialist, has curated a series of five innovative financing knowledge products to offer actionable insights for green banks, investors, philanthropic foundations, and financial institutions to de-risk investment in the ZEV sector and improve the economic viability of ZEVs. Featured financial strategies have been validated by CALSTART’s member companies and investor network. “Successful investors understand that funding early-stage zero-emission transportation companies demands precision—matching the right financial tool to the right challenge,” said Kabir. “CALSTART’s financing toolkit harnesses the ingenuity of our member companies to showcase actionable strategies that green banks, investors, foundations, and lenders can apply to stimulate investment in zero-emission vehicles.” Access the toolkit here. It’s safe to say much of the industry has been waiting with bated breath to see how the new administration will handle the pro-EV legacy Biden is leaving behind. Amidst the flurry of executive orders Trump signed on his first day back in office, he vowed to eliminate “the electric vehicle mandate” imposed under the former administration. While there was never a mandate to force consumers to purchase EVs, Trump’s “Unleashing American Energy” order revokes a non-binding goal set by Biden for EVs to comprise half of new car sales by 2030. Additionally, the order aims to eliminate a federal exemption that allows California to phase out ICE vehicle sales by 2035. It’s predicted Trump will also work to repeal the $7,500 tax credit for anyone purchasing a new EV. Last year’s “largest EV maker” BYD recently confirmed its intention to open another EV plant overseas by the end of 2025. The $1 billion Indonesia plant will be able to produce 150,000 vehicles annually and is a cornerstone in their plan to aggressively expand into overseas markets. The new manufacturing hub also aids Indonesia’s goal of building 600,000 EVs domestically by 2030. Last week CALSTART Board Member Rivian announced an up to $6.6 billion loan agreement with the U.S. Department of Energy to support the building of its next manufacturing facility in Georgia. Construction is expected to begin next year and support the creation of 7,500 new manufacturing jobs. If you drive an EV, you may have noticed the considerable improvement in charging station availability over the past few years – with 207,000 public chargers available in 2025, prevalence has more than doubled from 2021’s 95,000 chargers. Despite this considerable progress, the U.S. is still far short of the ~1.2 million public chargers an NREL report predicts are necessary by 2030 to support EV sales targets. |
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