Joe Biden Pushes $174-Billion Electric Vehicle Plan, Says US Losing Race to China

The US President added that the American auto industry is “at a crossroads” and that the “real question is whether we’ll lead or fall behind”.

Joe Biden said that the auto industry’s future is electric and “there is no turning back”.During a visit to the Ford Motor plant in Michigan on May 18, United States President Joe Biden sought to push his $2.3 trillion tax and spending plan, which includes a $174 billion pitch for electric vehicles (EVs), Fox Business reported.

The US is competing against China to build EVs, Biden pointed out, adding that the American auto industry is “at a crossroads” and that the “real question is whether we’ll lead or fall behind”.

“The real question is whether we’ll lead or we’ll fall behind in the race to the future, or whether we’ll build these vehicles and the batteries that go in them here in the US or rely on other countries. … Right now, China is leading in this race, make no bones about it. It’s a fact,” he said.

He added that the auto industry’s future is electric and “there is no turning back”.

Biden was visiting Ford’s new Rouge EV Centre in Dearborn, Michigan, which is producing the automakers’ new electric F-150 lightning pickup due for launch on May 19. The truck is expected to go on sale by mid-2022, the report added.

To be built by union labourers, Ford said the vehicle’s manufacture will create 300 new jobs.

Biden proposed his new government spending tranche last week, to “keep the US economy competitive, fair and on top of the Coronavirus relief that’s already flowing.” AP reported.

As per the AP, the proposed $174 billion push for EVs will include funding for 500,000 charging stations by 2030 to encourage drivers who fear being stranded in a powerless car.

Source: moneycontrol