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DuPont de Nemours Inc DD

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Biden Executive Order on EVs Is in Line With Our Thesis for Higher U.S. and Global EV Adoption

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

On Aug. 5, U.S. President Joe Biden announced plans to sign an executive order calling for electric vehicles to be 40%-50% of new auto sales in the United States by 2030. The target includes battery electric vehicles and plug-in hybrids. This mirrors our thesis that the U.S. will see 30% EV adoption and 50% hybrid adoption, of which we expect plug-in hybrids will be 10%-20%, by 2030. Though the order is nonbinding, this aligns with stated plans from multiple U.S. automakers. As a result, we maintain our U.S. EV and hybrid adoption outlook. Using our regional buildup model, we continue to forecast that EVs and hybrids will make up 2 of every 3 autos sold globally by 2030, with 30% coming from EVs.

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Company Profile

Business Description

DuPont is a diversified global specialty chemicals company created in 2019 from the DowDuPont merger and subsequent separations. Its portfolio includes specialty chemicals and downstream products that serve the automotive, electronics and communication, construction, safety and protection, and water management industries. DuPont benefits from the ability to produce patented specialty chemicals that command pricing power. Noteworthy products include Kevlar, Tyvek, and Nomex, which tend to have a wide range of applications across multiple industries.

Contact
974 Centre Road, Building 730
Wilmington, DE, 19805
T +1 302 774-3034
Sector Basic Materials
Industry Specialty Chemicals
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 34,000

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