WASHINGTON, DC – APRIL 22: Electric vehicles are displayed before a news conference with White House … [+] Climate Adviser Gina McCarthy and U.S. Secretary of Transportation Pete Buttigieg about the American Jobs Plan and to highlight electric vehicles at Union Station near Capitol Hill on April 22, 2021 in Washington, DC. The Biden administration has proposed over $170 billion in spending to boost the production of zero-emission buses and cars and increase the number of EV charging stations. (Photo by Drew Angerer/Getty Images)
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The Inflation Reduction Act will fuel the growth of electric vehicles. But it will also do the same for hydrogen fuel cell cars, although EVs are now a few laps ahead. In any case, automakers have chips in both camps.
The European Union is phasing out the internal combustion engine by 2040, while the Biden Administration…