N.J. Governor Signs Bill Giving $5,000 Rebates for Electric Cars

(Bloomberg) -- New Jersey Governor Phil Murphy has signed a bill that represents the state’s most ambitious strategy to promote electric vehicles.

New Jersey, where transportation accounts for about half of greenhouse gas emissions, joins about a dozen other states that have targets for electric-vehicle adoption. The bill calls for 2 million plug-in electric vehicles by 2035, and offer consumers rebates of as much as $5,000.

“We are expecting about 60% of total U.S. new car sales to be electric by 2040,” said Nick Albanese, BloombergNEF’s head of Intelligent Mobility analysis. “New Jersey’s target would be above average.”

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