US announces new investments for affordable electric vehicles

The US on Monday announced private and public sector investments for affordable electric vehicles.

The plan, which is part of President Joe Biden’s goal of having 50% of all new vehicle sales across the nation to be electric by 2030, aims to increase domestic manufacturing, strengthen supply chains, boost US competitiveness, and create jobs, said a White House statement.

Some of the incentives include lowering the cost of electric vehicles (EVs) and EV charging infrastructure, increasing consumer demand, promoting inclusion, and accelerating the growth of the EV market.

While more than $100 billion has already been announced for EV battery manufacturing alone, some American companies and non-profits are also announcing Monday new commitments to expand their EV fleets and grow the availability of EV charging stations, such as Blink Charging, the National Automobile Dealers Association, Pacific Gas & Electric, Uber, and ZipCar.

The White House said Uber has committed to reach 400 million EV miles driven on its platform in the US by the end of 2023, while car-sharing firm Zipcar aims to allocate 25% of its electric vehicles to disadvantaged communities this year.

Blink Charging, which owns, operates and provides EV charging equipment, is committing to invest $49 million to increase its manufacturing capacity, it added.

There are more than 3 million EV on the road in the US and over 135,000 public EV chargers across the nation, according to the White House.

In late March, the US Treasury Department and the Internal Revenue Service, which collects taxes, unveiled new rules on clean vehicles in order to lower costs for American consumers and strengthen supply chains.

Treasury Secretary Janet Yellen said the new rules will help consumers save up to $7,500 on new clean vehicles and hundreds of dollars per year on gasoline.

The Treasury noted that at least $45 billion in private-sector investment has been announced across clean vehicle and battery supply chain in the US since the Inflation Reduction Act was signed into law by Biden last August.

• Electric vehicles (EVs)