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Biden to announce $900 million for EV infrastructure at 2022 Detroit Auto Show

Yahoo Finance’s Pras Subramanian joins the Live show to discuss President Biden announcing $900 million for EV infrastructure at the 2022 Detroit Auto Show, Chevy’s $30,000 range Equinox EV model, and the expectations for the auto show.

Video Transcript

[AUDIO LOGO]

JARED BLIKRE: Welcome back. The Detroit Auto Show is back this year for the first time since 2019. And with this return comes a special visit from President Biden who is expected to speak on the nation's EV adoption efforts. For more on this is Yahoo Finance's Pras Subramanian. Pras, Biden in the driver's seat. What's going on here?

PRAS SUBRAMANIAN: Yeah, Jared, this year, they moved the show from the winter to the summer. Maybe this attracted Joe Biden to come down. So he's gonna kind of do a victory lap here on sort of all the spending that's been coming out from the White House and the Inflation Reduction Act, and also the bipartisan infrastructure law to get like more EVs out there, more EV charging, more manufacturing.

So he's gonna be there today touring this-- touring the site, going to visit different manufacturers. And also he's also going to approve the first $900 million in that first tranche of money to build out the nation's EV infrastructure across the National Highway System, about 53,000 miles, 35 states. The White House says so they're really gonna start doing that, that build that. The question is, is that enough money for that actual network?

JARED BLIKRE: Yeah, and what's catching your eye at this auto show? Lots of cool cars as always. But any standouts?

PRAS SUBRAMANIAN: So tonight, we'll get the new Ford Mustang. A lot of people excited about that, the latest iteration of that car. It will be gas-powered, though so not EV.

Chevy is gonna have the Chevy Equinox EV on display, too. That's the first like, you know, $30,000ish SUV-CUV type car for Chevy. A big part of their EV portfolio.

And also Dodge will have the Daytona Charger on display. This is a muscle car. This EV muscle car that actually makes a weird sort of sound that it pumps out of the back to kind of get all those muscle car guys excited about the EV kind of transformation.

JARED BLIKRE: All right, we got about 30 seconds left here. Anything else in the EV space kind of taking your-- taking your eye this morning?

PRAS SUBRAMANIAN: Well, you know, Jared, you kind of mentioned this before, kind of like the auto show, you talk about how like they're sort of like kind of losing their sort of efficacy, right?

JARED BLIKRE: Cachet or?

PRAS SUBRAMANIAN: Cachet.

JARED BLIKRE: Yeah.

PRAS SUBRAMANIAN: And now it's shows like CES now, right, in Vegas every year now. Mary Barra was there last year. Every like big CEO is gonna be there talking about stuff. So I think CS the future for car stuff, too.

JARED BLIKRE: All right so Dan Howley, you, and I down in Las Vegas, CES, sounds like a date.

[LAUGHTER]