Biden Launches $ 100 Billion Electric Vehicle Plan to Expand Vital Tax Credits for the Electric Vehicle Industry

Original Title: Biden Launched 100 Billion Electric Vehicle Plan, Expanding Tax Credits Vital For Electric Vehicle Industry

US President Biden has proposed a huge infrastructure plan, including a $ 174 billion electric vehicle spending plan, as well as providing new funding for renewable energy development.

Biden will seek new funding from Congress to accelerate the reduction of carbon emissions in the United States by 2050. This is an important step to promote a more prosperous and environmentally friendly American economy.

The White House seeks to increase the production of parts and batteries for electric cars and help consumers choose to buy electric cars over traditional cars. The government will provide rebates and tax credits to Americans who buy electric cars, “while ensuring that all families can afford these cars and that workers who make cars have quality jobs.”

The grant will support the establishment of a nationwide network of 500,000 electric vehicle charging stations in the United States by 2030. This plan also includes the replacement of 50,000 vehicles.Diesel oilAnd electrify at least 20% of school buses.

WedbushAnalystDan Ives said: “Since Biden was elected president in November last year, Wall Street has been waiting for this day.” Democrats have led both houses of Congress and the White House, paving the way for the “green wave in America.” with electric vehicles as the core ”. Up the road.

Ives wrote in the report: “We believe that to change theCar industryThe ‘rules of the game’, Wall Street will eventually need to see the next two parts passed by Congress and signed into law. First, increase the current $ 7,500 EV tax credit to $ 10,000 or more. The infrastructure bill can also provide discounts on sales to encourage consumers to switch to electric vehicles. “

Ives said that currently in the United States, electric vehicle sales account for 2% of total vehicle sales, which is less than 4.5% in China and 3% globally.FordwithGeneral motorsRecentlyadvertisementIt shows that the United States is catching up with the rest of the world in the field of electric vehicles.

The analyst also added: “Secondly, we expect to see the 200,000 vehicle delivery threshold of the tax credit policy removed, which will reinstateTeslawithGeneral motorsTax credits for key electric vehicle companies. The key point of the above electric vehicle plan is the large-scale expansion of charging stations in the United States in the next 10 years. There are currently about 100,000 public charging cells in the United States, and 300,000 / 400,000 charging cells will be needed in the next 10 years to support the green wave of truck electric vehicle / consumer. “

Ives noted the recent decline in the electric vehicle sector.TeslaThe share price is down 30% from its all-time high. The analyst reiterated that the growing momentum of the electric vehicle sector for many years has not changed. He predicts that the electric vehicle market will reach $ 5 trillion in the next 10 years.

Ives said: “The EV investment landscape doesn’t just include automakers. In the next few years, Wall Street will have a huge ecosystem of EVs, including battery makers (like QuantumScape Corp) and recyclers of batteries (such as Li-Cycle). In addition to recharging battery infrastructure providers, they will drive the development of this market that is still in the early stages of transformation. In the United States, there are many innovative electric vehicle companies with a single businesses that are preparing to take advantage of the “green wave” started by Biden. We expect that in the coming years, the tax credits and incentives surrounding electric vehicles will increase significantly. “

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Biden’s infrastructure plan will promote the development of electric vehicles and clean energy industries

(Source: US-Hong Kong Telecom)

(Editor in charge: DF537)