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Automakers throw 250 billion US dollars to promote the popularization of electric vehicles in the United States

by:Yisheng      2021-06-09

According to foreign media reports, automakers and parts suppliers are ready to invest $250 billion to promote the popularization of electric vehicles in the United States, and call on the Biden administration to urge Congress to extend tax incentives for buyers.

The 2022 Chevrolet Bolt EV (Image source: GM)

On March 30, the American Automobile Innovation Alliance, the Auto Workers’ Federation and the Automobile and Equipment Manufacturers Association stated in a letter to President Biden that the $250 billion of funds will be used to stimulate The popularity of alternative fuel vehicles, such as plug-in hybrid vehicles, pure electric vehicles and fuel cell vehicles. These organizations represent American and foreign companies, including automakers including General Motors, Ford, Honda, and Toyota.

The above organization wrote in the letter: 'We are ready to work with the government to realize this bold vision and innovation, which will put the United States at the forefront of creating a cleaner future for motor vehicle transportation. This transformation It is larger than any policy, government department or industry sector, and needs to be continuously implemented as a whole, as well as extensive legislative and regulatory policies rooted in economic, social, environmental and cultural realities.'

They also said that Biden should press Congress to approve the extension of federal tax incentives. Through this preferential measure, buyers of electric vehicles can receive subsidies of up to US$7,500. Automakers are currently facing a lifetime limit, and the number of electric vehicles for each car company that is eligible for tax cuts cannot exceed 200,000. When the maximum tax allowance is reached, the government will gradually cancel the plan, and the tax allowance will be reduced by half every six months until it reaches zero. GM and Tesla became the first auto companies to reach the upper limit in 2018.

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