US Investment In Electric Vehicle Market Aimed At Outcompeting China - White House

WASHINGTON (UrduPoint News / Sputnik - 05th August, 2021) The Biden administration's new investment in the US electric vehicle industry is partly aimed at outcompeting China, White House Press Secretary Jen Psaki said during a press conference on Thursday.

Biden is set to announce new steps aimed at advancing the impact of the Build Back Better investments to address the climate crisis.

"It's a historic investment in EV charging stations, and also as part of the investment is efforts to reduce the cost of purchasing electric vehicles, so I would say the president's commitment to making electric vehicles the vehicle of the future - further incentivizing the direction of the industry, which is already where it's headed, making us more competitive as it relates to China - is reflected both in the bill and the bill that's working its way through the Senate, also in announcements like the one that was made today," Psaki said.

The US Energy Department announced a strategy to secure the domestic supply chain for electric battery manufacturing, as well as financing for electric vehicle battery supply chains back in June.

Biden will also sign an executive order later on Thursday that sets a target for half of the new vehicles sold in 2030 to be zero-emission.