Biden’s EV dreams are a nightmare for Tesla and the US car industry

February 22, 2024

Joe Biden has a dream. And Elon Musk had looked best placed to help make it a reality. The president wants to create a US-centered electric vehicle supply chain and is using his multibillion-dollar Inflation Reduction Act to achieve it. Musk’s Tesla Inc. is already part way there with deep commercial ties to Western suppliers, batteries sourced from a factory in Nevada, and construction of a lithium refinery in Texas underway. In 2023 its vehicles took the first four places in an annual ranking of the most American-made cars.

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