American President Joe Biden has detailed a $174 billion investment into electric vehicles as part of the country’s $2.5 trillion infrastructure plan.
Where’s the money going?
The Biden administration will put $174 billion into creating jobs, growing the EV market in the US, and supporting the associated industry.
Factories will be financed to be retooled, and supply chains will be supported to grow domestically, but compete globally.
As in many other EV-focused nations like the Netherlands and Norway, some funds will be used to give car buyers rebates and tax incentives. In this case, those subsidies will apply to American-made EVs.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
The US’ charging infrastructure is also going to get a helpful boost with Biden’s administration planning to support state and local governments to build 500,000 EV chargers across the nation in the next 10 years.
School buses are going to be electrified too. Some 20% will be replaced with electric alternatives. Eventually all school buses will be electric in the US — at least that’s Biden’s goal.
More details on the spending can be viewed on the White House’s website.
Get the TNW newsletter
Get the most important tech news in your inbox each week.