Biden promotes expensive electric vehicles at auto show amid record inflation

President Biden promoted multiple electric vehicles (EV) with high price tags Wednesday during a trip to the Detroit Auto Show as he continues to push a green transition.

During the event, Biden boarded a Cadillac LYRIQ, an electric SUV which has a starting price of more than $60,000. The president was also seen checking out EVs costing more than $40,000.

"You all know that I'm a car guy," Biden remarked during a speech Wednesday. "I'm here because the auto show and the vehicles here give me so many reasons to be optimistic about the future. I really mean it. Just looking at them and driving them, they just give me a sense of optimism although I like the speed too."

"We are rebuilding the economy, a clean energy economy, and we're doing it from the bottom-up and the middle-out," he continued. 

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Biden added that he was pushing for increased EV sales in the U.S. during a brief interview with TikTok star Daniel MacDonald. The president made the comments from the driver seat of the Cadillac LYRIQ before driving away in the car.

"Well, I'm married to Jill Biden and I make sure we're making a lot more electric vehicles in America," Biden remarked when asked about his occupation. 

"This is a Cadillac," he added. "If you want to get in the back, you can come ride with me. But I'm going all the way to Washington."

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The video racked up more than 500,000 views less than 30 minutes after it was published. MacDonald's channel, which has more than 13 million followers, primarily consists of videos in which he approaches the owners of luxury vehicles and sports cars, asking them what they do for a living. 

Meanwhile, General Motors, which owns Cadillac and Chevrolet, has paid Jeff Ricchetti, a lobbyist and brother of Biden adviser Steve Ricchetti, more than $300,000 to lobby over the last year, according to The New York Post.

While Biden continues to push expensive EVs, though, high consumer prices and inflation continue to hammer most Americans. 

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The Consumer Price Index, a key indicator of inflation, increased 8.3% year-over-year in August, the Department of Labor reported Tuesday. The higher-than-expected figure triggered the stock market's worst day since June 2020, a sign that investors fear a recession.

The cost of new vehicles alone spiked 10.1% over the last 12 months and used car and truck prices increased 7.8%, according to the report.