Biden Administration Obtains $700M in Private Investments For Electric Vehicle Chargers

The Biden administration on Tuesday announced that a number of private companies such as Volkswagen and Siemens are planning to invest more than $700 million to boost U.S. manufacturing capacity for electric vehicle chargers.

The White House released a press statement that said the investments will be used to create at least 2,000 new jobs and manufacture more than 250,000 new EV chargers each year. The private investments follow Biden's $7.5 billion Bipartisan Infrastructure Bill, which includes $555 billion in tax breaks for cleaner energy and electric vehicles. The Biden administration also announced on Monday that they are investing $3.16 billion into the domestic production of electric car batteries. Some market firms have estimated that electric vehicle sales could reach $823 billion by 2030.

Outlets across the spectrum promptly analyzed Biden's "bold bet" on the expedited production of electric vehicles. Coverage from left-rated outlets highlighted Biden's green energy plan in a more favorable light and disputed claims of a rumored federal mandate that would require all Americans to switch to electric vehicles by 2035. Right-rated outlets were more likely to conclude that Biden's electric vehicle push has "hit a roadblock," criticizing rising prices as well as the dependence on "the Chinese Communist Party" for "critical" minerals needed to build car batteries.