president joe biden on thursday stressed that gasolinepowered cars aren’t the future as he touted a voluntary industry commitment that electric vehicles will make up half of us sales by 2030 speaking at an event just outside the white house biden praised the evs lined up behind him as his administration also rolled out new gas mileage and antipollution standards for cars and trucks “they’re a vision of the future that is now beginning to happen a future of the automobile industry that is electric” biden said of the vehicles which included a ford f150 lightning truck and gmc hummer ev “battery electric plugin hybrid electric fuel cell electric it’s electric and there’s no turning back the question is whether we’ll lead or fall behind in the race for the future” the president added the commitment and standards were featured in an executive order that biden signed after his speech investors should keep in mind the president’s latest order is dependent on action by us lawmakers according to benjamin salisbury director of research at height capital markets “we emphasize that the executive order is not binding on the automakers but rather an aspiration contingent on massive federal subsidies that must still be approved by congress” salisbury said in a note thursday “we remain comparatively optimistic that congress will pass a scaled down version of the administration’s plan through budget reconciliation late this year although dollar amounts are highly uncertain” the height analyst added read more from gas savings to tax credits 7 things to know about biden’s new electric vehicle and mileage rules tesla inc tsla ceo elon musk’s tweeted ahead of the white house event that it was “odd” the ev manufacturer wasn’t invited to the gathering when asked about musk’s tweet white house press secretary jen psaki said the administration’s event was focused on the three biggest employers of united auto workers members that meant executives from ford f  general motors gm and chrysler maker stellantis stla attended musk meanwhile has faced a legal fight following a tweet discouraging union organizing at tesla “today it’s the three largest employers of the united auto workers and the uaw president who will stand with president biden” psaki told reporters though she added that the administration looks forward to having a range of partners historically the us has relied on imports for the batteries and other parts that evs use us imports of lithiumion batteries from asia especially china have jumped in step with america’s rising appetite for electric vehicles sp global market intelligence says in a report biden has tried to emphasize us job growth as part of his sweeping climatechange initiatives that include renewable energy support and wider ev use but has met with some republican criticism over trade