The president recently took a spin in his pine-green 1967 Stingray on CNBC’s “Jay Leno’s Garage.”
Under the newest law, electric vehicles must be built in North America to be eligible. Batteries for qualifying vehicles also must be made in North America, and there are requirements for battery minerals to be produced or recycled on the continent. The credits are aimed at creating a U.S. electric vehicle supply chain and ending dependence on other countries, mainly China.
In April, Ford started building electric pickup trucks at a new Michigan factory. General Motors has revamped an old factory in Detroit to make electric Hummers and pickups. Ford said last September it would build the next generation of electric pickups at a plant in Tennessee, and GM has announced EV assembly plants in Lansing, Michigan; Spring Hill, Tennessee; and Orion Township, Michigan. In May, Stellantis, formerly Fiat Chrysler, said it would build another joint venture battery factory in Indiana, and it has announced a battery plant in Canada.
Biden has been talking for a long time about the importance of building a domestic EV supply chain and that may have prodded some of the companies to locate factories in the U.S. But it’s also advantageous to build batteries near where EVs will be assembled because the batteries are heavy and costly to ship from overseas.even despite battery costs. The latest came last week from General Motors, a Chevrolet Equinox small SUV.
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