Critics call Inflation Reduction Act a 'missed opportunity'

The Inflation Reduction Act will make a significant investment in the electric vehicle market by extending tax credits of up to $7500 on new cars and up to $4,000 on used electric vehicles.

WASHINGTON (Nexstar) -- The Inflation Reduction Act will make a significant investment in the electric vehicle market by extending tax credits of up to $7500 on new cars and up to $4,000 on used electric vehicles.

But critics, like the Alliance for Automotive Innovation, complain that it's a "missed opportunity at a crucial time" because many electric cars won't qualify for the tax rebates.

Secretary of Transportation Pete Buttigieg says that's intentional.

"Part of the design of this bill is not to support any electric vehicle, but to support U.S. made or North American made electric vehicles," he said.

Ozawa Bineshi Albert with the Climate Justice Alliance says electric cars are still too expensive for lower-income Americans.

"In urban areas, there's very little in the Inflation Reduction Act around public transportation and addressing further build-out," he said.

But EPA administrator Michael Regan says the investment will have clear environmental benefits.

"We know transportation is the number one contributor of climate change and climate pollution," he said.

Critics also say the country doesn't have the charging infrastructure in place to support a transition to electric vehicles.

However, Buttigieg says with money from the Bipartisan Infrastructure Bill, the Biden Administration is already working to expand that network "to help make sure that there are chargers across the entire highway system, at least every 50 miles."

The administration hopes to reach that goal by the end of the decade.