President Biden Says EVs are the Future, Teases ‘Big News’ Coming Thursday

President Joe Biden has teased a “big” announcement is coming on Thursday related to electric vehicles.

“When I say electric vehicles are the future, I’m not joking. Tune in for big news tomorrow,” said Biden on Twitter.

The video teaser has Biden saying, “the future of the auto industry is electric. There’s no turning back.”

According to Reuters, sources note Detroit’s Big Three automakers, General Motors, Ford and parent company of Chrysler, Stellantis NV, will attend an electric vehicle event at the White House, with a potential announcement citing the carmakers will seek 40 to 50% of new car sales by 2030 as being electric only. The automakers will seek billions of dollars from the federal government to meet the aggressive targets, say sources.

The White House has asked for $174 billion in government spending to boost sales of electric vehicles, including $100 billion for incentives to lure consumers to make the switch from gas cars.

Tesla leads electric vehicle sales in the United States, as other automakers attempt to catch up to Elon Musk’s company. The Tesla CEO confirmed his company wasn’t invited.

Biden will make his announcement at 12 noon PT/3pm ET on Thursday.