Biden's Electric Vehicle Bet... 200 Trillion Won Investment in Related Infrastructure Development

Significant Expansion of Electric Vehicle Subsidies to Encourage Price Reduction
Securing 500,000 Electric Vehicle Charging Stations by 2030
Partial Conversion of Public Transport Vehicles and School Buses to Electric Vehicles

President Joe Biden of the United States [Photo by Reuters]

[Asia Economy Reporter Kim Suhwan] U.S. President Joe Biden has announced a $174 billion (approximately 197 trillion KRW) plan for electric vehicle infrastructure development.

On the 31st of last month (local time), President Biden unveiled a $2 trillion infrastructure development plan, stating that $174 billion will be invested to significantly expand electric vehicle adoption, build related infrastructure, and develop technology. He said, "We will focus on strengthening the competitiveness of the United States in the global electric vehicle market."

Specifically, President Biden announced plans to expand electric vehicle subsidies to lower EV prices and improve purchase accessibility. He also stated that 500,000 electric vehicle charging stations will be established nationwide by 2030. Currently, it is known that there are 41,400 charging stations in the U.S.

Additionally, to build a domestic electric vehicle production supply chain, the plan includes promoting the hiring of electric vehicle development personnel by automobile manufacturers and allocating budgets to equip factories with the necessary equipment for electric vehicle production.

Furthermore, the plan includes replacing 50,000 public transportation vehicles powered by diesel engines with eco-friendly vehicles and converting more than 20% of domestic school buses to electric vehicles.

Efforts will also be accelerated in developing eco-friendly energy technologies. President Biden announced that $35 billion (approximately 40 trillion KRW) will be invested in developing eco-friendly technologies that can reduce carbon emissions. Moreover, the federal tax reduction policy for companies using and emitting fossil fuels will be discontinued.

This content was produced with the assistance of AI translation services.