Living With Climate Change: Biden to tell Detroit Auto Show that first $900 million to fill gaps in EV charging network is on its way

by | Sep 14, 2022 | Stock Market

President Biden hits the Detroit Auto Show Wednesday, where the classic Corvette owner will surely slide behind a few wheels, and more importantly for an industry shifting ever closer to electric vehicle adoption, he’ll announce the first allotment of federal dollars for expanding the EV charger network. Biden on Wednesday afternoon is expected to extoll what his administration believes is a pro-EV agenda, mostly through already announced spending in the bipartisan infrastructure law.

Biden will announce the approval of the first $900 million in infrastructure funding to build EV chargers across 53,000 miles of the national highway system and across 35 states, the White House said. The president will also highlight EV tax credits and rebates within the recently signed Inflation Reduction Act, an effort that some auto experts point out is too limiting for the makes and models most readily available now, but could still incentivize more manufacturing and consumer uptake down the road. Related: Yellen says Biden’s climate law helps put Putin in his place For now, the incentives are largely linked to U.S. production for batteries, domestic assembly and more, while the industry still greatly relies on offshore materials and parts. General Motors
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and others
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have recently announced U.S.-based battery partnerships. Biden will also stress that the CHIPS and Science Act he signed this summer will help the auto industry. It is intended to ease supply chain challenges in promoting domestic production of semiconductor chips
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and other technology necessary as cars, trucks and SUVs become more like computers and much less mechanical. More: Used EVs: How to navigate the tight market for pre-owned electric vehicles like the Nissan Leaf and Chevy Volt Biden is e …

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