The United States is prepared to hand out $12 billion in grants and loans for OEMs that wish to retool currently-built production facilities in preparation for electric vehicle production.
Energy Secretary for the Biden Administration Jennifer Granholm said $10 billion will come from the Energy Department’s Loans Program Office, while $2 billion will come from the Inflation Reduction Act, which has helped encourage a faster transition to EVs.
It will also offer $3.5 billion in funding to domestic battery manufacturers, a press release from the Biden-Harris Administration said.
“President Biden is investing in the workforce and factories that made our country a global manufacturing powerhouse,” Granholm said. “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.”
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