The US auto manufacturers are in a position today to drive full speed ahead, President Joe Biden has said as he continued with the push to invest billions of dollars in the auto industry in order to make the country leader in electric vehicles. "The US auto manufacturers are in a position today to drive full speed ahead. I believe we can own the future of the automobile market.
I believe we can own the future of manufacturing," Biden said in his address on Electric vehicles in Detroit, which is considered to be a global capital of the auto industry. "American manufacturing is back. Detroit is back. America is back. And folks, we're proving it's never, ever, ever a good bet to bet against the American people, never, never, never," Biden said in his address amidst a round of applause from the select audience.
As a result of his administration's policies, the companies have announced new investments of more than USD36 Billion in electric vehicles and USD48 Billion in battery manufacturing here in the US. "We are just getting started. I signed into law the Inflation Reduction Act that gives tax credits to new electric vehicles, fuel cell vehicles made in America," he said. "For the first time, you get a tax credit, if you buy a used electric vehicle that's all coming. As part of the infrastructure law, we're investing USD7.5 billion to build electric vehicle charging stations all across America. So today, I'm pleased to announce we're approving funding for the first 35 states, including Michigan, to build their own electric charging infrastructure throughout their state," he said. "We are also going to invest USD7 billion to make American car companies and have the batteries and other critical materials they need. The auto companies like Ford, GM,...Chrysler," he said. According to the White House, the President's economic plan has generated an American, electric vehicle (EV) manufacturing boom that is creating new economic opportunities and tens of thousands of good-paying and union jobs across the country. Companies like Toyota, Honda, Ford Motor Company, General Motors, and Panasonic have announced investments in manufacturing in North Carolina, Michigan, Ohio, Missouri, Kansas, and elsewhere. Read more at: https://www.goodreturns.in/news/us-auto-manufacturers-are-in-position-today-to-drive-full-speed-ahead-biden-1261668.html