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

Toyota Alphard Hybrid Destined For Malaysian Showrooms In 2024

Toyota’s inimitable Alphard SUV is on the verge of finally being introduced into Malaysia. But exactly when we are not …

BYD Seal U SUV Launching In Malaysia From RM215,000

Beginning with a major expansion of its European portfolio, BYD is in the throes of debuting its all-new BYD SEAL …

New Range Rover Facelift Evoque Debuts In Malaysia

SUV diehards may have trouble telling the new facelifted Range Rover Evoque and the outgoing version apart. Yes, the revisions …

What To Know About The Malaysia-Bound GWM Tank 300

Vehicles from China’s Great Wall Motors will start to make their mark on the Malaysia market this year starting with …

Chery Omoda E5 To Join Lineup In Malaysia In March

The Chery E5, the long-awaited fully electric version of the Omoda 5 range is slated to join the carmaker’s Malaysian …

Toyota Hilux Is Still King Of Pickups In Malaysia

Toyota’s Hilux is one of the toughest pickups on the planet. Many readers may remember its starring role in a …