Biden to unveil $900m EV infrastructure overhaul

On Wednesday, President Joe Biden will attend an auto show in Detroit, Michigan, where he will tour the newest electric vehicle models available from automakers and reveal a new infrastructure strategy to make owning an electric vehicle more feasible.

At the North American International Auto Show, Biden, a fan of classic cars and owner of a 1967 C2 Corvette Stingray, will meet with numerous automakers to brag about the Inflation Reduction Act, a recently passed health care and environmental law that provides tax breaks for purchasing electric vehicles.

According to a White House official, he will also reveal on Wednesday a $900 million plan to install EV chargers throughout 53,000 miles of the national highway system. The source noted that construction will be part of the plan in 35 states.

With the Bipartisan Infrastructure Law, the Inflation Reduction Act, and the CHIPS and Science Act, which expand the manufacture of electric vehicles, batteries, and EV chargers across America, Biden has already promised almost $85 billion in funding.

According to the president, these regulations will boost economic activity and combat climate change. While Biden has claimed credit for helping businesses like Ford Motor Company, General Motors, Honda, and Toyota expand their electric vehicle lineups, many of these transitions to the production of electric vehicles were well underway before the Inflation Reduction Act was signed into law last month.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us