Former White House council of Economic Advisers chair Tomas Philipson and former Dallas fed adviser Danielle Dimartino Booth discusses how stocks took a nosedive while inflation remains high on ‘Fox Business Tonight.’
President Joe Biden will attend an auto show in Detroit, Michigan on Wednesday, where he will tour the newest models in auto-manufacturers electric vehicle portfolios and announce a new infrastructure plan to make driving electric vehicles more accessible.
Biden, a vintage car enthusiast and owner of a 1967 C2 Corvette Stingray, will meet with dozens of automakers at the North American International Auto Show to boast about the Inflation Reduction Act — a recently signed climate and health care law that offers tax incentives for buying electric vehicles.
On Wednesday, he will also announce a $900 million plan to build EV chargers across 53,000 miles of the national highway system, a White House official said. The plan will include construction in 35 states, the official added.
Then-Vice President Joe Biden on the floor of the 2017 North American International Auto Show (NAIAS) in Detroit, Michigan, on Tuesday, Jan. 10, 2017. (Andrew Harrer/Bloomberg via Getty Images / Getty Images)
The plan comes as Biden has already announced nearly $85 billion of investments through the Bipartisan Infrastructure Law, the Inflation Reduction Act and the CHIPS and Science Act, which increases the production of electric vehicles, batteries and EV chargers across America.
The president has claimed these laws will add jobs to the economy and help fight climate change.
While Biden has taken credit for bolstering the electric vehicle portfolios of companies like Ford Motor Company, General Motors, Honda and Toyota, much of their transitions to electric vehicle production were well underway before the Inflation Reduction Act was signed into law last month.
Ford started building electric pickup trucks at a new Michigan factory months before the law cleared Congress and General Motors similarly updated a factory in Detroit to produce electric trucks and Hummers.
The companies also announced three EV battery factories, all joint ventures with battery makers. One of these battery plants for GM, located in Warren, Ohio, has already started manufacturing.
Last year, Ford announced a plan to build its next generation of electric pickups in Tennessee. Similarly, GM announced EV assembly plants in Lansing, Michigan; Spring Hill, Tennessee; and Orion Township, Michigan.
In May, Stellantis (formerly Fiat Chrysler) announced a joint venture battery factory in Indiana and a battery plant in Canada. The same month, Hyundai announced battery and assembly plants that will be built in Georgia.
President Joe Biden gets out of a Jeep Wrangler Rubicon 4xE on the South Lawn of the White House in Washington, DC, on August 5, 2021. | Getty Images
In July, Vietnamese automaker VinFast announced it will construct factories in North Carolina.
Honda and Toyota both announced U.S. battery plants after the act was passed, but they had been planned for months.
Despite the increased production, Americans are largely unable to transition to purchasing electric vehicles. Auto companies are looking at rolling out more affordable options, though the cheapest is the 2024 Chevrolet Equinox, a 300-mile-per-charge range electric SUV that will become available this Fall for around $30,000.
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President Joe Biden speaks about the Inflation Reduction Act of 2022 during a ceremony on the South Lawn of the White House in Washington, Tuesday, Sept. 13, 2022. (AP Photo/Andrew Harnik / AP Newsroom)
Biden, once the owner of a large car collection, is unable to drive on public roads as President of the United States. His collection has been mostly sold off in recent years.
The Associated Press contributed to this report.
