Biden in Detroit to tout his electric vehicle accomplishments

DETROIT — President Biden will try to refocus voters’ attention on the country’s progress in transitioning to electric vehicles under his leadership when he visits the North American International Auto Show on Wednesday afternoon. in Detroit.

In a speech, Biden will outline how consumers and the U.S. economy could benefit from the climate package he recently signed, which injects billions of dollars in new federal investment into the electric vehicle (EV) sector and pushes automakers to move their manufacturing plants ashore.

The president is also expected to promote progress on the administration’s goal of installing more than 500,000 electric vehicle chargers, using $7.5 billion authorized by Congress earlier in Biden’s term.

“President Biden’s economic plan has fueled a boom in electric vehicle manufacturing in America,” White House press secretary Karine Jean-Pierre said to a group of reporters. “We’ll see this on full display in Detroit, Michigan today.”

This Midwestern factory was dead. Electric vehicles have revived it.

The remarks come as the administration faces economic and political headwinds, with Tuesday’s disheartening inflation numbers and corresponding stock market tumble adding to challenges already faced by Democrats in a mid-election. – Difficult mandate.

The political stakes in today’s speech were underscored by Jean-Pierre, who sought to contrast Biden’s plans with those of some Congressional Republicans who are working today to advance a federal ban on abortion in Senate.

“While President Biden is in Michigan focusing on strengthening our economy,” Jean-Pierre said, “extreme MAGA Republicans are consumed by their efforts to disenfranchise millions of women.”

The White House says companies have invested nearly $85 billion in the electric vehicle sector since taking office.

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The climate package promises to accelerate the pace of these investments, as it includes provisions that provide federal subsidies for companies moving their supply chains to the United States and a handful of other countries with which America has entered into free trade agreements. In 2022, firms invested triple what they did in the sector in the United States in 2020, according to the White House. The number of electric vehicles sold has also tripled since Biden took office.

Among the investments recently announced by automakers are $2.5 billion from Toyota for the North Carolina plant and $3.7 billion from Ford for new assembly plants in the industrial Midwest. Vinfast announced that it would spend $5 billion on a battery factory in North Carolina that would create 13,000 jobs.

The address is part of a wider campaign by the White House to promote the climate package and educate voters about its impact on their daily lives. Earlier this week, the administration launched its website, a place consumers can go to see exactly what tax credits and rebates they can use to upgrade their homes and transportation.

It provides a card to save thousands of dollars with new incentives that reduce the cost of electric vehicles, solar panels, heat pumps and other efficient appliances. The site also explains how tax credits help ease the financial burden on individuals and families in all economic sectors.

The Detroit address is also part of a White House push to make consumers more comfortable with electric vehicles, assuring them that prices will come down and charging stations will soon be more widely available. Only 5% of Americans currently drive electric vehicles, and wider buy-in is critical to the success of Biden’s plan to have half of cars sold in the United States be electric by 2030.

The White House strives to locate chargers within 50 miles of each other for most drivers. The administration is also focused on cutting costs amid criticism that new tax breaks for electric vehicle purchases favor affluent people who can afford to buy them.

The Inflation Reduction Act tax credits aim to bring the prices of electric vehicles closer to those of comparable gas-powered models, but there is still a significant price gap that is expected to persist for years.

The average price of an electric vehicle in the United States is $66,000, about $20,000 more than the average price of a regular car. Bringing prices down is difficult in an era of disrupted supply chains, when the computer chips and battery components needed to assemble cars are in short supply.

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