How Biden’s Electric Vehicle Push Can Help Tennessee’s Auto Industry

New from the White House American Jobs Plan proposes to spend more than $ 200 billion to support electric vehicles fully powered by batteries recharged from the national electricity grid. But the ambitions of the green car face a stubborn fact: the country is not yet ready.

Before a large electric fleet can circulate on the roads, rare earth minerals must be found and exploited, and power stations and battery producers must be significantly developed. Analysts say the country currently lacks the raw minerals, electric power capacity, or battery production to put millions of electric automobiles on the road.

“All things considered, the country’s current and forecast production capacity will leave the United States considerably short,” said Alla Kolesnikova, head of data and analytics at Toronto-based technology researcher Adamas Intelligence, referring to the report. production volume of battery factories.

Battery costs have fallen since President Joe Biden, as vice president, worked on the Obama White House’s $ 2.4 billion green car initiative. Launched in 2009, the program failed to spark a green car boom in part because battery systems were too expensive – accounting for about half the price of a proposed $ 28,000 electric sedan. Since then, battery costs have fallen – analysts estimate the price to be around $ 10,000. Green car advocates are encouraged.

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