Elon Musk JUST HUMILIATED Joe Biden!
With the change in presidency of America, there is a whole lot of changes on the horizon for how the government in the country is going to change things their way. Joe Biden recently visited General Motors factory Zero in Detroit and took a tire screeching SUV test drive to promote electric vehicles. It was part of a nationwide white house tour promoting the 1 trillion dollars infrastructure bill.
Hey guys! Welcome back to our channel Elon Evolution where we tell you all the latest news about Elon Musk and his multibillion companies. In today’s video we are going to talk about Joe Biden’s plans of promoting electric vehicles in the whole US. And how will these tax credits and incentives help Tesla and the EV market? If you want to find out more, then stay with us until the end of the video. Also, before we start the video don’t forget to hit like, subscribe to our channel and ring the bell icon for more amazing videos. And let’s get started!
With his early policy announcements, Joe Biden has been making a point of going hard into green, renewable energy which is specifically directed at the electric vehicles market. Biden is looking far into the future right now, and he has come up with a bold vision that America can get back on top of the automobile industry by shifting to electric cars made in the USA. This is just a policy at the moment, but we know that things can change quickly in politics.
Now, let’s discuss Biden’s vision of EVs all around US and how that is going to affect automobile industry.
As part of his administration’s broader climate change strategy, President Joe Biden has made investing in electric vehicles a major focus of his infrastructure proposal. And this week, he’s promoted the importance of technological innovation at a global climate summit. But there are still many barriers to those vehicles becoming widespread.
If you are an owner of any electric vehicle or you are planning to buy one, then this is for you to understand first. At its inception, this federal program incentivized plug in electric vehicle buyers by providing them a 7500 dollars nonrefundable tax credit after the purchase of their vehicle. So, this is applied to any fully electric car or any hybrid car which can be plugged in to charge and the purpose of this tax is that it reduces your overall tax liability at the end of the year. Now the biggest problem with these credits today is that they are disappearing from the most popular electric car brands and that’s the first thing Biden wants to fix. The program was originally written with caps on vehicle production number so, when Tesla hit 200,000 vehicles produced the credit on their cars dropped by half and as the company built even more cars the credit was cut to half again, completely disappearing in 2020.
Apart from Tesla, the only other auto manufacturer to hit 200,000 vehicle mark is General Motors and they will be losing the credit entirely this march. Therefore, Biden wants to bring the credits back to 7500 dollars on all the EV purchases in the US, and this will be applicable to only those individuals who earn less than 250,000 dollars per year. As we know Biden is heavily focused on his buy American policy, it would make sense for on going tax credits to primarily benefit vehicles from American companies that are made in America, which could actually be bad news for Ford as the are building their mock e in Mexico.
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