Thomas Catenacci @ThomasCatenacci
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BREAKING- Biden's EPA just green-lit California's electric vehicle mandate and ban on gas cars. Under the rules, by 2035, all car purchases in California and 11 other states must be electric.The rules will begin to be phased innext year for model year 2026 vehicles.
It remains unclear how states following California's lead on this are going to meet the targets.
For example, New York's electric vehicle market share is less than 10%. Under these rules, the state must increase that share to 35% next year.
According to the largest U.S. auto industry group, the California regulations will "depress economic activity, increase costs and limit vehicle choice" nationwide.
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