LONDON (ShareCast) - (Sharecast News) - A major automotive trade association urged the US government on Tuesday to support the country's electric vehicle industry and offer incentives for research and development.
In the middle of the presidential transition, the Alliance for Automotive Innovation, which represents some of the major companies in the sector: General Motors, Volkswagen, Toyota Motor and Ford Motor among others, called for a series of steps to boost the market and revamp regulatory oversight of self-driving vehicles.

The technologies "will redefine motor vehicle transportation for decades," the alliance said in its report.

The alliance said it supports "enhancing R&D incentives over the next 3-5 years" and "facilitating and expanding access to capital to support" the industry's transformation over that period.

Current spending on EVs by the auto industry is projected to reach $250bn by 2023 but the alliance said that an increase is needed if the US is to boost its current share of the EV market which stands at 2%.

President-elect Joe Biden recently made boosting electric vehicles a top priority and pledged to build 550,000 new EV charging stations.

"We can own the electric vehicle market - building 550,000 charging stations - and creating over a million good jobs here at home - with the federal government investing more in clean energy research," Biden said.

The call comes a month after companies such as Tesla and Uber launched a group to lobby for EV-friendly policies.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE