Biden is launching a $ 174 billion electric car initiative

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President Joe Biden will visit the Ford Motors electric car plant in Michigan today and present his plan to spend $ 174 billion on electric car batteries.

According to the White House, the President will not support the policy of encouraging consumers to sell high-priced electric cars. The administration explains this by saying that car manufacturers should work on the production and refinement of electric batteries and not just on expensive electric models. According to Biden, the presentation is scheduled for the presentation of the electric version of the famous Ford model, small truck (pickup) F-150 EV F-150.

Under Biden’s plan, the federal government will provide cost-sharing grants to help businesses involved in the production of high-capacity batteries.

Under the same plan, the administration will provide assistance to open closed factories where the production of high-tech products and parts will resume.

According to the plan written by the White House, the manufacturers will receive a tax deduction for each electric car sold. However, this benefit does not apply to high-end electric vehicles.

The current tax break that the manufacturer receives is $ 7,500 per car and the company stops accepting it after it sells 200,000 electric cars. Tesla and General Motors have already exceeded this threshold and are no longer receiving this tax relief.

Biden’s plan to increase production of electric vehicles is aimed at strengthening America’s leadership in this area. At this point, China has better data than the United States in terms of electric vehicle production.

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