（Cover image source: CNBC）
On Wednesday local time, President Biden delivered a speech in Pittsburgh and announced a $2.25 trillion infrastructure plan.
As a part of the Biden administration’s “economic recovery plan,” the eight-year infrastructure plan will invest $620 billion in modernizing transportation.
The plan points out that the current market share of plug-in electric vehicles in the United States is only one-third of that in China, and “this situation must change.” To address this, the Biden administration will allocate $174 billion for investment in the electric vehicle industry in the transportation modernization, including measures such as car purchase rebates, tax incentives, updating 20% of school buses to electric vehicles, accelerating federal fleet electrification through federal purchases, and planning to build 500,000 electric vehicle charging stations nationwide.
In response to this news, the US new energy vehicle stocks rose collectively. As of press time, Ideanomics, NIO, and XPeng rose by 8.32%, 3.81%, and 7.95%, respectively.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.