Along the way to the $369 billion package, the West Virginia senator secured an array of concessions for his state and for the fossil fuel industry.
The Senate’s proposal aims to accelerate electric car sales and promote domestic battery manufacturing at China’s expense.
The $369 billion climate and tax bill would affect every aspect of U.S. energy production, with incentives for producers and consumers to move away from fossil fuels.
The announcement Wednesday of an agreement in the Senate almost instantly reset the role of the United States in the global effort to fight climate change.
The automaker reaffirmed its forecast for earnings for the full year.
The loan will help the automaker and its supplier build electric vehicle battery factories in Ohio, Tennessee and Michigan.
Tesla said it expected capital expenditures to be $6 billion to $8 billion in 2022, up from an April forecast of $5 billion to $7 billion.
President Biden’s best course is to take the same regulatory path Barack Obama was forced to follow.
Amazon has ordered 100,000 trucks to cut its carbon dioxide emissions, but Rivian will take years to deliver.
The automaker said it had reached deals to acquire more battery packs in its push to produce 600,000 electric vehicles a year by the end of 2023.