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.