Biden’s $15.5 Billion Plan to Retool Factories, Create Jobs for Electric Vehicle Industry

The Biden-Harris administration announced today that it is investing $15.5 billion to support the transition to electric vehicles. The funding will be used to retool existing factories, create new jobs, and boost domestic battery manufacturing.

The investment includes $2 billion in grants and up to $10 billion in loans to support automotive manufacturing conversion projects. These projects will help to create and retain high-quality jobs in communities that are currently home to auto manufacturing facilities.

The administration is also making available $3.5 billion in funding to expand domestic manufacturing of batteries for electric vehicles and the nation’s grid. This funding will support the development of a strong domestic battery supply chain and help to create new jobs in the clean energy sector.

“President Biden is investing in the workforce and factories that made our country a global manufacturing powerhouse,” said U.S. Secretary of Energy Jennifer M. Granholm. “Today’s announcements show that President Biden understands that building the cars of the future also necessitates helping the communities challenged by the transition away from the internal combustion engine.”

The administration’s investment in electric vehicles is part of its broader plan to address climate change. By investing in clean energy, the administration is creating good-paying jobs, boosting economic growth, and protecting the environment.

Here are some key takeaways from the announcement:

  • The Biden-Harris administration is investing $15.5 billion to support the transition to electric vehicles.
  • The funding will be used to retool existing factories, create new jobs, and boost domestic battery manufacturing.
  • The investment is part of the administration’s broader plan to address climate change.
  • The investment will create good-paying jobs, boost economic growth, and protect the environment.

More Articles for You

New VW ID. Cross Debuts At Munich Auto Show

Volkswagen, the largest supplier of electric cars in Germany and Europe in 2025, has just unveiled a new electric compact …

New Porsche 911 Turbo S Gets Power Boost Thanks To 701 hp Hybrid

It’s the most potent 911 ever. Packing a rather healthy 701-hp, Porsche’s new 911 Turbo S has just been unveiled …

Icons Of Japanese Motorsport To Star In Rolex Reunion At Laguna Seca In 2026

On the heels of a successful 2025 Rolex Monterey Motorsports Reunion, WeatherTech Raceway Laguna Seca has announced that it will …

BMW Lifts The Curtain On The Next-Gen iX3 At Munich Show

At the IAA motor show in Munich this week, BMW presented the first series-produced Neue Klasse model—the all-new BMW iX3. …

Volvo Starts Production Of New Electric ES90

Volvo Cars has started production of its new, fully electric Volvo ES90 for European markets, marking a significant milestone in …

American Star Racer Colton Herta Named As Cadillac F1’s Test Driver

The Cadillac Formula 1 Team announced that nine-time NTT INDYCAR SERIES race winner Colton Herta will serve as a test …