Biden’s $174 Billion EV Plan

The Biden administration’s $174-billion proposal to boost EV adoption is slowly leaking out. According to a Transportation Department email message via Reuters, the plan calls for $100 billion in new consumer rebates, $15 billion to build 500,000 new charging stations, $20 billion for electric school buses, $25 billion for zero-emission transit vehicles, and $14 billion in other tax incentives. Pretty cool stuff!!

The original amount of funding allocated to the federal EV tax credit program back in the day was only $2.4 billion. So, this is a huge jump for Electric Vehicles in the US. Also rumored is that the amount of the benefit may increase to $10,000. Auto Analyst Dan Ives told Yahoo Finance (via Electrek). The $7,500 tax credit could potentially be $10,000 in terms of a credit and that’s going to be a massive catalyst for the EV ecosystem in the US.

There's $600 million for electric vehicles and charging infrastructure in the individual budgets of 18 Federal agencies, including dedicated funds at the General Services Administration for other agencies and for United States Postal Service charging infrastructure.

The White House also released its request for fiscal year 2022 discretionary funding, a preliminary step in the budget process, and it includes several EV-related items.

Biden say "We have a lot of catching up to do but we're going to be in a position where we ought to own the future. We ought to be the single most significant suppliers of electric buses and vehicles in the world before it's over. Right now, we're running way behind China."

Automakers in China sold about 1.3 million passenger EV's in 2020 compared with 328,000 in the United States, according to research firm Canalys.