Biden promotes shift to EVs in visit to Detroit auto show

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By David Shepardson and Jeff Mason

DETROIT (Reuters) -President Joe Biden took a victory lap on Wednesday at the Detroit auto show, highlighting automakers' increasing shift to electric vehicles and billions of dollars in new investments in battery plants.

The trip to the Detroit auto show, the largest such event in North America, is part of stepped-up travel in advance of the midterm elections to highlight his party’s agenda. Democrat Biden sought to refocus voter attention on the strides the nation is making in the transition to electric vehicles under his leadership and the role unions will play in the industry's future.

"We're choosing to build a better America, an America that is confronting the climate crisis, with America's workers leading the way," Biden said.

Biden announced the approval of the first $900 million in U.S. funding to build EV charging stations in 35 states as part of a $1 trillion infrastructure law approved last November.

Detroit's Big Three automakers are showing off a number of new EVs at the car show. The U.S. Congress and Biden, a self-described "car guy," have pledged tens of billions of dollars in loans, manufacturing and consumer tax credits and grants to speed the transition away from internal combustion vehicles to cleaner EVs.

Still, gasoline-powered trucks are well-represented at the exhibition. A significant majority of new vehicles sold by the Detroit Three are still gas-powered models and Tesla (NASDAQ:TSLA) Inc dominates the U.S. electric vehicle market and outsells the Detroit Three automakers combined on EVs.

The White House has heralded a string of recent major investment announcements from U.S. and foreign automakers to build new battery plants and electric vehicles.

White House National Climate Adviser Ali Zaidi told Reuters automakers and battery firms in 2022 have announced "$13 billion into EV manufacturing" as they accelerate "the pace of their investment into capital projects here in the United States."

Zaidi said the "the answer is now unambiguous and clear - that future - a fully electric transportation sector - is going to be made in America."

In July, the U.S. Energy Department said it plans to lend Ultium Cells LLC, a joint venture of GM and LG Energy Solution, $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities.

In August 2021, Biden set a goal that EVs or plug-in hybrid vehicles represent 50% of all U.S. new vehicle sales by 2030. The Detroit Three back the nonbinding goal of 50%.

Detroit Mayor Mike Duggan said the city's car show - the first one since January 2019 - would highlight U.S. automakers' move to EVs.

"I think you are going to see the Detroit auto companies overtake Tesla and compete with Chinese companies who are also very far down the road on electric vehicles," Duggan told reporters on Tuesday.

When he served as vice president in the Obama administration, Biden attended the Detroit auto show and was a strong advocate of the 2008-09 bailouts of General Motors Co (NYSE:GM) and Chrysler, which is now part of Stellantis NV.

EV battery makers are looking to increase U.S. production as the country implements stricter regulation and tightens tax credit eligibility.

California in August moved to require all new vehicles sold in the state by 2035 to be either electric or plug-in electric hybrids. The Biden administration has declined to endorse a specific phaseout date for gas-powered vehicles.

Honda Motor Co Ltd recently announced it will build a new $4.4 billion lithium-ion battery plant for U.S. EVs with Korean battery supplier LG Energy Solution Ltd.

Toyota Motor (NYSE:TM) Corp said it will boost its planned investment in a new U.S. battery plant from $1.29 billion to $3.8 billion.

GM and LG Energy Solution in August began production at their $2.3 billion joint-venture battery production plant in Ohio. The companies are considering a site in New Carlisle, Indiana, for a fourth U.S. battery cell manufacturing plant expected to cost around $2.4 billion.