The Biden administration will put $1.7 billion toward 11 projects to bolster domestic manufacturing of electric cars, trucks, buses and motorcycles.
|
Companies that will receive funds to convert their facilities to make electric cars include Fiat Chrysler, GM and Volvo. The funds were part of cost-sharing agreements, so the companies will also need to invest money for the switch.
An administration official told reporters that facilities that had temporarily closed or were at risk of closing were prioritized for funding.
In a written statement, President Biden touted the initiative as beneficial for both the climate and workers.
“Building a clean energy economy can and should be a win-win for union autoworkers and automakers,” Biden said.
The funding for the grants comes from the Democrats’ Inflation Reduction Act.
Read more in a full report at TheHill.com. |
Welcome to The Hill’s Energy & Environment newsletter, we’re Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
|
