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Biden pitches $174 billion EV plan in Michigan, takes truck for a spin

Stock MarketsMay 18, 2021 08:21PM ET
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2/2 © Reuters. FILE PHOTO: The charging socket is seen on Ford Motor Co's all-new electric Mustang Mach-E vehicle during a photo shoot at a studio in Warren, Michigan, U.S. October 29, 2019. REUTERS/Rebecca Cook 2/2

By Nandita Bose and David Shepardson

DEARBORN, Mich./WASHINGTON (Reuters) -President Joe Biden made the case on Tuesday for his $174 billion electric-vehicle proposal, urging automakers not to build zero-emission vehicles abroad for U.S. consumers - and even got to take a new zero-emission truck out for a drive.

"We need automakers and other companies to keep investing here in America and not take the benefits of our public investments and expand electric vehicles and battery manufacturing abroad," Biden said on a visit to a Ford Motor (NYSE:F) Co electric-vehicle plant in Dearborn, Michigan, to see the EV version of its best-selling F-150 pickup truck.

The United Auto Workers (UAW) has criticized General Motors Co (NYSE:GM) for announcing a $1 billion investment in Mexico to build EVs and Ford for opting to build some EVs in Mexico rather than Ohio.

GM noted it had recently announced nearly 9,000 new U.S. jobs and $9 billion in U.S. EV and battery facilities. Ford Executive Chairman Bill Ford said at the event that Biden "understands that building things in this country matters" and added the company employs more UAW workers than its Detroit rivals.

The UAW also wants GM to recognize the union at joint-venture battery facilities. Ford is considering similar ventures. "We need you to deepen your partnership with the UAW," Biden added.

UAW President Rory Gamble urged Biden to make sure investment encourages strong labor standards, good union jobs and U.S.-built vehicles.

Biden argues the United States is falling behind China, which is selling more EVs.

"We're going to set a new pace for electric vehicles," the Democratic president said, vowing to reverse what he called the Trump administration's "short-sighted" rollback of vehicle emissions standards.

Biden went to a Ford test track to briefly drive the EV truck still camouflaged ahead of its official reveal on Wednesday. U.S. presidents are typically not allowed to drive by security officials.

"This sucker's quick," Biden told reporters, adding it could go from 0-60 miles an hour in just 4.4 seconds. "It feels great."

REBATES, TAX CREDITS

Biden ruled out consumer incentives for high-priced electric luxury models, according to a White House fact sheet, as he argues for dramatic government spending to prod Americans to buy electric vehicles.

His electric-vehicle plan, first announced on March 31, cheered investors who bought shares in several electric-vehicle startups that have struggled. Shares in electric truck maker Lordstown Motors Corp rose more than 20% and shares in Nikola Corp were up more than 6% in late trading.

Biden is pushing for electric vehicles in the auto industry's heartland, and trying to win over auto workers worried that more electric cars and trucks will mean fewer jobs.

The White House wants to encourage new battery production facilities, which are key to ramping up U.S. electric vehicle manufacturing.

Biden's plan "proposes cost-sharing grants to support new high capacity battery facilities in the United States" and backs grants to fund the retooling of shuttered factories "to build advanced vehicles and parts."

The centerpiece of Biden's EV plan is $100 billion in consumer rebates. Biden backs a further $10 billion in new tax credits for zero-emission medium- and heavy-duty work vehicles.

Biden faces resistance from many congressional Republicans on his EV focus. Republicans are poised to release a counterproposal to Biden's infrastructure plan and Republicans will meet with Biden's commerce and transportation chiefs later on Capitol Hill.

The president wants $15 billion to build 500,000 EV charging stations by 2030 - including in apartment buildings and public parking - and $45 billion to electrify a significant number of school and transit buses. He also wants to fund shifting the federal fleet to more EVs, including for the Postal Service to begin using EV delivery trucks.

Biden pitches $174 billion EV plan in Michigan, takes truck for a spin
 

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Comments (14)
Yankee Steve
Yankee Steve May 18, 2021 10:10PM ET
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Mr. Prez, you are not producing carbon free emissions. It is a ponzi scheme.where do you think the electricity comes from? Fossil fuel, natural gas and coal. Rob Peter to pay Paul. You don’t use fossil fuel for cars but now you are using more of thise three source of energy source to generate electricity. The only way for carbon free is nuclear plant. Solar need silver and the energy used and impact to environment for digging it out from ground and refining it. He doesn’t had a plan and what he is doing is a farce. Where us tge maglev train which cidts 1.3B a pie e and will teducr need for plane and reduction of carbon footprint. No mention of that in his plan for infrastructure
Atlantic Coast Money
Atlantic Coast Money May 18, 2021 8:45PM ET
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Hybrids are the way. Better for environment. Better on your pockets. All lobbyists satisfied.
Gus McCrae
Gus McCrae May 18, 2021 5:18PM ET
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I thought it was Trump talking: We need automakers and other companies to keep investing here in America and not take the benefits of our public investments and expand electric vehicles and battery manufacturing abroad,
ben sc
ben sc May 18, 2021 5:18PM ET
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Build Back Something......or what was it?
ben sc
ben sc May 18, 2021 5:18PM ET
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Unlimited Lithium! Just take the jab and don't have kids, problem solved in 50 years.-Bill Gates
ben sc
ben sc May 18, 2021 5:14PM ET
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Hunter will sell the factory space to China after the plant goes out of business in 18 months. He's done it before!
Anthony Anthony
Anthony Anthony May 18, 2021 3:18PM ET
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Have you seen those low life in Michigan plants? There are reasons we can't even compete with deceiving korean junks.
danny Levine
danny Levine May 18, 2021 3:18PM ET
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had a friend working in a management position at a Ford plant. he basically told me never buy a ford. they are not built with care AT ALL.
Millennial Dip Buyer
Millennial Dip Buyer May 18, 2021 2:46PM ET
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Where's the lithium coming from for the millions of cars per year?  There's already a shortage.  It's a 'common' element but you cant just swing a dead cat and build a mine, takes a lot more than that to prove an economic resource - years of permits, drilling, etc.
Notvery Goodathis
Peteymcletey May 18, 2021 12:39PM ET
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So many in the Biden administration profit from this move.
Notvery Goodathis
Peteymcletey May 18, 2021 12:37PM ET
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Where does the electricity come from? I bet 10 years from now this "solution" will be exposed from the fraud it is. "Breaking" research will show that most of the electricity will either be imported (thus creating massive emissions) or fueled by dirty means.
mat connors
mat connors May 18, 2021 11:48AM ET
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I wonder how much money it cost us to bail out Tesla? Lol Elon is far superior when it comes to ev design then any gas powered comapny who’s late to the game. Ford and GM need that gov cheese! 🤦‍♂️
 
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