One of the greatest legacies of the United States and its indomitable spirit of ingenuity has been its role in transforming automotive transportation. Since the first Ford Model T rolled out of the revolutionary Highland Park, Mich., assembly line in 1913, the United States automobile industry has been the envy of the world. But our dominance in the auto sector is slipping through our fingers. To maintain our global leadership, the U.S. must commit itself to the transition to all-electric, battery-powered vehicles.

In 2008, the U.S. led the way with the first highway-capable all-electric vehicle with the Tesla Roadster. Since then, however, we’ve fallen far behind in electric vehicle manufacturing here at home. China and the European Union are fast outpacing us, and our primary global economic competitor, China, is rapidly seizing global dominance in electric vehicles, with an eye toward capturing the U.S. auto market. The figures are staggering. Currently, China sells fully half of all electric vehicles in the world, while the U.S. accounts for just 10% of the market. China will soon control a whopping 75% of global battery capacity, 15 times more than the this nation’s meager 5%. And 50% of the global investment in electric vehicles is in China. How much in the U.S? A mere 5%! And while China has 17 serious EV manufacturers and the E.U. 13, the U.S. has only four.

There is near consensus among analysts that we face a huge transition from the 200-year-old internal combustion engine to the more efficient electric battery-powered motor. We cannot let the U.S. automotive industry, which employs millions of Americans, be left out in the cold. A significant Chinese entry into the U.S. market could cost hundreds of thousands of high-quality American manufacturing jobs.

To avoid a hollowing out of our industrial base, hundreds of thousands of lost jobs and billions in GDP lost, we need bold investment to address the economic and environmental crisis we face. That is why I’m introducing the Affordable American-made Automobile Act, which would stimulate demand for electric vehicles, make EVs more affordable for consumers, create incentives for charging infrastructure, and provide low-cost funding for manufacturing transformation. This landmark legislation would stimulate real consumer demand for electric vehicles, especially among the key middle-class demographic, with point-of-sale tax credits for affordable vehicles, and a new credit for used vehicles. To make sure these cars have the juice they need, the bill would provide incentives for the next generation of fast-charging stations and provide for low-interest bonds for domestic battery manufacture.

My bill — which has 29 Democratic original co-signers and has garnered support from the United Automobile Workers, the United Steelworkers, the Sierra Club, League of Conservation Voters and the Natural Resources Defense Council — would also help nurture domestic battery production by making cars eligible for a tax credit only if the entire battery system is manufactured in the U.S.

Here’s what it would do:

• It would increase the $7,500 tax credit for electric car purchases to $15,000.

• The credit would apply to vehicles costing $35,000 or less.

• The credit would be assignable at point of sale to the dealer or financial entity — instead of the current credit on a tax return — to make it more accessible to buyers.

• It would extend a $5,000 tax credit for the purchased of a used battery electric vehicle.

Batteries are expected to emerge as a backbone of the 21st century economy, with rechargeable batteries of the future powering cars and trucks, autonomous vehicles, heavy-duty vehicles, and innumerable industrial applications. For these reasons, China’s control of rechargeable batteries is a threat to our economy. According to the Pentagon, China’s dominance also presents a threat to our national security due to the need for military-grade batteries.

Without independent manufacturing of batteries in the future, the costs will be staggering. And all of this is in addition to our need to address the critical threat of the climate crisis, which is fueled in large part by transportation — the largest source of U.S. carbon emissions.

It’s time for Congress to step on the gas for jobs, for global leadership, for affordability, for innovation and for zero emissions. It’s time for America to reclaim its mantle of modernization and scientific knowhow. It’s time for us to seize the lead in the electric vehicle market or be left choking, literally and figuratively, on China’s dust.

Jackie Speier, D-San Mateo, represents the 14th District in the U.S. House of Representatives.