Biden on the administration's initiative to switch the country to electric cars
President Joe Biden visits Detroit, the nation’s auto industry capital, Wednesday to talk about his administration’s initiative to transition the country to electric cars.
As previously reported, Biden will unveil new provisions of the “Inflation Reduction Act” at the Detroit Auto Show that allow consumers to receive a $7,500 tax credit when they buy an electric car.
The recently passed law also requires U.S. automakers to use batteries for electric cars manufactured in North America, with the natural minerals used in the batteries having to be produced or recycled on the North American continent. These provisions aim to create a regional supply chain and reduce economic dependence on China and other countries.
The country’s so-called “big three” automakers – General Motors, Ford and Stellantis, formerly known as Fiat Chrysler – have already announced plans to build plants to produce electric cars and batteries for them in the United States and Canada. Japanese automakers Honda and Toyota have also announced plans to build battery plants in the United States.