President Biden is pitching a $174 billion investment in electric vehicles on Tuesday during a visit to a Ford EV plant in Michigan. The administration aims to incentivize sales of EVs through consumer rebates, while sparking new battery production facilities to help American EV manufacturing compete on a global stage.
Arthur Wheaton, an expert on the automotive industry at Cornell University’s School of Industrial and Labor Relations, says car companies alone can’t achieve all-electric fleets in the next two decades without federal investment.
“President Biden’s $174 billion investment in electric vehicles is vital to meet the goal of an all-electric fleet in the next two decades. Electric vehicles require easier, faster and more available charging systems for widespread acceptance.
“Currently, South Korean companies lead on battery cells. American investment in battery cell technology and charging infrastructure will cost more than what a few car companies can do on their own. If the goal is to make all 15-20 million new vehicle sales electric, we are woefully unprepared for the infrastructure required.
“President Biden’s trip to Michigan shows his interest in keeping those jobs and investments in American companies and workers.”