President Biden received thunderous applause in the Canadian Parliament Friday after he announced that Canadian-assembled electric vehicles are eligible for U.S. tax credits.
The Inflation Reduction Act was signed into law last August, and was promoted by the president. The legislation invested over $13 billion into electric vehicle initiatives.
Biden began the Inflation Reduction Act, which I admit wasn't bipartisan, as the single largest commitment in tackling climate in our history.
The single largest investment in history is the single largest investment in human history. It's going to spur clean energy investments all over the world, and explicitly include tax credits for electric vehicles assembled in Canada, Biden said to roaring applause from Canadian Members of Parliament.
Biden said there was a simple reason: recognizing how interconnected our auto industries are and our workers are. I am the most pro-union president America has ever had. The Inflation Reduction Act does not say that electric vehicles need to be made in Canada, but rather in North America. To be eligible for the tax credit, the vehicle must have undergone final assembly in the U.S. Canada or Mexico.
Biden stated that Americans are divided on whether or not to use gas-powered or electric vehicles. Fuel costs for Internal Combustion Engine ICE vehicles were cheaper in the last quarter of 2022 than electric vehicles, according to Anderson Economic Group.
Ford Motor Company president and CEO Jim Farley told Fox Friends co-host Brian Kilmeade on Friday that the U.S. needs to increase domestic electric vehicle production.
No one makes more full-size trucks than we do in America. Farley said we have to on-shore this stuff. We need to have mines and processing to build a digital economy here in the U.S. We can't continue to import batteries and rare earth from overseas. We have to move it to America. FOX Business reached out to the White House for a statement, but has not heard back.