Last week, President Joe Biden and leaders of the United Auto Workers and the three Detroit automakers -- Ford Motor Company (F 1.16%), General Motors (GM 1.33%), and Chrysler parent Stellantis (STLA 2.62%) -- announced a bold goal: 40% to 50% of vehicles sold in the U.S. should be fully electric by 2030.
Of course, it's one thing to set a goal and another to achieve it. While all three of the Detroit auto giants are already spending billions to develop electric vehicles, it's still not clear whether Americans will buy enough of them to make that goal a reality. In this Motley Fool Live video, recorded on Aug. 5, Industry Focus host Nick Sciple and Motley Fool senior auto specialist John Rosevear ask whether that timeline is realistic -- and how Ford's upcoming F-150 Lightning could play a big role in getting enough Americans to go electric.
Nick Sciple: Maybe one last thing on the presidential action, so 2030, targeting half of autos sold in the USA being electric vehicles. In your opinion, how realistic is this timeline? Like is this having heaven and Earth to be moved to achieve this? Or is this kind of in line with kind of where we expect things to move anyway, what are your thoughts?
John Rosevear: Heaven and earth has to be moved, but heaven and earth is already moving. I would say assuming they can get the batteries the automakers will have the cars or at least the ability to build that many electric vehicles. We need the buyers to show up to really make it work and that means we don't need a giant electric vehicle backlash between now and so on and soforth. You can see where this could become a thing only crazy liberal commies drive electric vehicles, this and that. But what I think is so significant about Ford's F-150 Lightning, is it neatly defuses that. Here is the best-selling pickup truck and we're making it electric and that makes it better. It's important for Ford's business to get it out there soon, and I think it's also going to turn out to be a significant product in moving Americans to adopt electric vehicles.
