PRESIDENT JOE BIDEN TO VISIT DETROIT AUTO SHOW

The Detroit Auto Show is returning for the first time since 2019 and will be primarily focused on the industry’s transition into electric vehicle technology; which is something that President Joe Biden plans to see for himself.

According to Reuters, the President said in an event that he would be attending the show, “I’ll be there. I’m a car guy – as you kind of noticed” he said. In addition to being a car guy, Joe is also an EV guy and wants to have at least 50% of new vehicles sold to be electric or plug-in electric hybrids by 2030.

Biden was a strong advocate for the 2008-09 bailouts of General Motors and Chrysler when he served as vice president under Barack Obama.

Automakers and battery manufacturers are making a big investment in the United States for battery production, as stricter regulations and guidelines are implemented, as well as tighter tax credit eligibility. The White House has touted the recent announcements in investment, while the Commerce Department has awarded $52.2 million to the “Global Epicenter of Mobility”, a Detroit regional program designed to help Michigan’s automakers transition into the EV sector.

The Commerce Department said “prospects are threatened by rising global competition in the electric and autonomous vehicle market, by the rapid pace of innovation in new mobility solutions and by an aging workforce that needs continuous reskilling to keep up with new products and technologies.” This is despite more than $5 billion of private investment.

Production has begun at a $2.3 billion battery production plant in Ohio jointly owned by General Motors and LG Energy Solution. The partnership will also consider building another site in New Carlisle, Indiana, for a $2.4 billion battery call manufacturing plant.

Another brand making a significant investment in American EVs is Honda, which plans to build a $4.4 billion lithium-ion battery plant with LG Energy Solution Ltd. Toyota will also be increasing its investment in a new U.S. battery plant from $1.9 billion to $3.8 billion to meet with demand.

The Detroit auto show will be held between September 17th and September 25th.