U.S. Energy Dept. Earmarks $15 Billion for EV Assembly Plants
WASHINGTON—As part of the Biden Administration’s Investing in America agenda, the U.S. Department of Energy has unveiled a $15.5 billion package of funding and loans primarily focused on retooling existing factories for the transition to electric vehicles. It includes making available $2 billion in grants and up to $10 billion in loans to support automotive manufacturing conversion projects in communities that currently host these facilities.
The DOE also announced a Notice of Intent to make available $3.5 billion in funding to expand domestic manufacturing of batteries for electric vehicles and the nation’s grid, as well for battery materials and components currently imported from other countries.