Biden
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US President Joe Biden
President Biden is set Thursday to sign an executive order to put the U.S. on a path to have electric vehicles account for 40% to 50% of the country's auto sales by 2030, according to news reports.

The initiative is expected to be supported by such major automobile makers as General Motors, Ford Motor, Stellantis, formerly Fiat Chrysler, according to CNBC, based on information from administration officials.

The goals set forth in the order are not mandatory but encourage the U.S. auto industry and government to promote legislation and the adoption of electrified vehicles - also moving the country away from vehicles powered by fossil fuel.

The order also includes targets of zero-emission vehicles powered by fuel cells and batteries and plug-in hybrid models with internal combustion engines.

The Biden administration also is expected to announce proposed federal fuel economy and emission standards through the 2026 model-year that build on California's tougher regulations, the officials also told CNBC.

The proposed standards are subject to a public comment period and final approval.