Biden Announces Funds for EV Chargers at Auto Show
First $900 million coming to help 35 states build network of stations. President also promotes tax breaks to buy EVs built in North America.

President Biden has a goal that up to half of vehicles sold in the U.S. be electric by 2030.
IMAGE: Getty Images/Fahroni
President Biden, attending the Detroit auto show Wednesday, was scheduled to announce $900 million in U.S. funding for electric vehicle charging stations in 35 states.
Biden promoted the Inflation Reduction Act passed in August that includes tax incentives to buy EVs, and he toured an array of U.S.-made electric, hybrid and combustion vehicles.
The president planned to announce the first $900 million for EV charger development. His 2021 infrastructure legislation provides $5 billion over five years to help states build a network of charging stations.
Meanwhile, the Inflation Reduction Act calls for EVs to be built in North America in order for owners to qualify for a new federal tax credit of as much as $7,500. The vehicles’ batteries must also be made on the continent, and battery minerals must be made or recycled here, all requirements intended to construct a U.S. EV supply chain to end dependence on Asia, particularly China.
The law spurred automakers to acquire compliant parts and materials so that their vehicles are eligible for the credit. Ford and GM ramped up EV production, though both had already planned new EV battery factories in joint ventures with battery makers.
After the act passed, other automakers followed with similar announcements for facilities in North America, though some had been planned for months. EV batteries are heavy, so it’s less expensive to build them stateside due to overseas shipping costs.
Biden has a goal that up to half of vehicles sold in the U.S. be electric by 2030.
READ MORE: U.S., Mexico Plan to Team Up on EV Production
Originally posted on Auto Dealer Today
More Auto Finance

Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Toyota Financial Services President Replaced
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →