Strong emissions standards for medium- and heavy-duty vehicles will enable fleet operators, shippers, truck manufacturers, and parts suppliers to take advantage of the economic benefits of vehicle electrification. This report reveals that while economic signals are already propelling the industry toward electrification, without effective federal policy support, the transition will not happen fast enough to reach the global goal of limiting global warming to 1.5 degrees Celsius.
This report finds that, when compared to trucks powered by diesel engines, moving industry toward the use of electric medium- and heavy-duty vehicles benefits:
Fleet owners through long-term savings on fuel and maintenance.
Forward-thinking parts suppliers, as the demand for critical components for electric vehicles increases. Employment at these suppliers collectively exceeds that of the truck makers, providing significant economic benefits to both the public and private sector.
Manufacturers, through increased production and technological improvements, which will provide cost savings and higher profit margins.
The report confirms that transitioning the U.S. industry within the necessary timeframe will require strong federal policies and support. A federal zero-emissions vehicle mandate, which would require truck manufacturers to produce a portion of their new vehicle fleet as zero-emissions vehicles, will be critical. The report also cites the importance of financial support for infrastructure, and targeted purchase incentives.