As reported by
Reuters, Biden stepped into a silver electric Cadillac SUV and an orange Chevy Corvette, glad-handed union workers and announced Detroit's return after decades of decline.
Biden visits North America’s biggest car show
In his address at the show, Biden said the U.S. is choosing to construct a better America that confronts the climate crisis head-on by eliminating some of the most egregious polluters: gas-powered vehicles.
Growing support for EVs
Biden announced $900 million in U.S. support for EV charging stations in 35 states, a key part of a $1 trillion infrastructure law passed in November 2021.
Biden, a well-known automotive enthusiast, advocated for the 2008-09 bailouts of General Motors Co and Chrysler (now part of Stellantis).
GM, Ford, and Chrysler—commonly lumped together as the Detroit Big Three—showed off their newest electric vehicles at the event as the federal government pledges billions in loans, manufacturing, consumer tax credits, and grants to speed to help move Americans from gas-guzzling cars and trucks to cleaner electric vehicles.
Biden previously announced a goal for electrified vehicles—including full EVs and plug-in hybrids—to make up 50% of new vehicle sales by 2030. Tesla currently leads the U.S. industry by a large margin. U.S.
electric vehicle salessoared 83% last year, but represent only 3% of the market.
Corporate and government investments
The White House notes that automakers and battery companies are investing at least $13 billion in electric vehicle manufacturing.
The U.S. Department of Energy wants to lend $2.5 billion to Ultium Cells LLC, a GM, and LG Energy Solution joint venture, to help finance new lithium-ion battery cell factories.
Outside the Big Three, Honda plans a $4.4 billion lithium-ion battery plant for U.S. EVs with LG Energy Solution Ltd. as well. Toyota intends to invest $3.8 billion in a new U.S. battery plant, increasing its previous commitment from $1.29 billion.
"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.
"American manufacturing is back. Detroit is back. America's back, and folks, we're proving it's never, ever, ever a good bet to bet against the American people."
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