US President Joe Biden detailed a $ 174 billion investment in electric vehicles as part of the country’s $ 2.5 trillion infrastructure plan.
Where is the money going?
The Biden administration will invest $ 174 billion in job creation, growing the electric vehicle market in the United States, and supporting the associated industry.
Factories will be funded to be retrofitted and supply chains will be supported to grow nationally, while being globally competitive.
As in many other electric vehicle-focused countries like the Netherlands and Norway, some funds will be used to provide discounts and tax incentives to car buyers. In this case, these subsidies will apply to electric vehicles manufactured in the United States.
U.S. charging infrastructure will also get a useful boost with the Biden administration’s planning to help states and local governments build 500,000 EV chargers across the country over the course of the 10 coming years.
School buses will also be electrified. About 20% will be replaced by electric alternatives. Ultimately, all school buses will be electric in the United States – at least that’s Biden’s goal.
More details on the expenses can be found on the White House website.
Published April 1, 2021 – 11:01 UTC