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

Hyundai Receives 2025 Merit Gold Award For Child Safety Program

Hyundai Motor America was recently recognized as a Gold Winner for the 2025 Merit Awards for Corporate Social Responsibility in …

Seven F1 World Champions Celebrate 75 Years Of F1 At Goodwood Festival

At this year’s Goodwood Festival of Speed, which ends today, no less than seven F1 world champions gathered to celebrate …

Here’s A Corvette E-Ray That Debuts At £153,440

No one can ignore the all-new E-Ray. The roar of innovation meets the heritage of horsepower as the 2025 Chevrolet …

MG Unveils Two New EVs At Goodwood Festival of Speed 

Established in 1924, MG is one of the world’s best-known automotive brands. Acquired by China’s SAIC Motor in 2007, the …

Europe Finally Gets Its First Taste Of Nissan’s Star e-Power Technology

Nissan has finally launched its highly praised e-Power technology in Europe. But for the record, this advanced “e-Power” tech has …

New Chery Tiggo Cross Debuts In Malaysia With 2 Variants

It’s been a long time coming. But the Chery Tiggo Cross has finally been launched by Chery Malaysia. The crossover …