SPRING HILL, Tenn. : U.S. Treasury Secretary Janet Yellen visits an electric vehicle battery plant in Tennessee on Wednesday, touting the U.S. clean energy investments enabled by President Joe Biden's climate legislation just hours after Biden did the same in his State of the Union address.
Biden said the act, passed only by his fellow Democrats last year, would help rebuild the U.S. manufacturing base in a speech that served as a blueprint for an expected 2024 re-election bid. He also touted bipartisan infrastructure and semiconductor investment laws.The 2.8 million-square-foot , $2.6 billion Ultium Cells plant in Spring Hill, Tennessee, is set to begin production later this year and is the second of three planned Ultium JV plants.
Le Maire also said that U.S. rules on the tax credits, now being finalized by Yellen's staff, should be made available to a"maximum" of European components. The Treasury announcement allowed vehicles that automakers consider crossover SUVs to qualify for credits. The decision raises the retail price cap to $80,000 from $55,000 for GM's Cadillac Lyriq, Tesla's five-seat Model Y, Volkswagen's ID.4, and Ford's Mustang Mach-E and Escape Plug-in Hybrid.