The Biden administration has announced a .7 billion federal assistance package to help automakers retool their factories for EV production.

Jack Aylmer Energy Correspondent

Biden admin slates $1.7B for automakers transitioning to EV production

Jul 11, 2024

Jack Aylmer Energy Correspondent

By Jack Aylmer (Energy Correspondent), Ben Ray (Video Editor)

The Biden administration announced a $1.7 billion federal assistance package aimed at helping automakers retool their factories to produce electric vehicles (EVs). The funding, unveiled by the Department of Energy, targets 11 auto factories that have either shut down or were at risk of closure without government intervention.

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“There is nothing harder to a manufacturing community than to lose jobs to foreign competition and a changing industry,” U.S. Secretary of Energy Jennifer Granholm said in a statement. “Even as our competitors invest heavily in electric vehicles, these grants ensure that our automotive industry stays competitive — and does it in the communities and with the workforce that have supported the auto industry for generations.”

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The recipients of this funding include major automakers such as General Motors (GM), Hyundai, Fiat Chrysler and Volvo, among others. However, the funds will not be awarded until negotiations with these companies are successfully completed. Once finalized, the administration expects the plan to create nearly 3,000 new jobs and help retain approximately 15,000 workers across the 11 facilities.

GM is set to receive the largest portion of the funds, with an expected $500 million allocated to convert a Michigan plant from producing internal combustion engine vehicles to electric vehicles. This significant investment underscores the administration’s commitment to accelerating the transition to EVs.

Since President Joe Biden took office, there has been $177 billion invested in private sector EV manufacturing. This new wave of grants aims to complement those investments and is part of the administration’s broader push to promote electric vehicle adoption.

Tags: Auto industry, Electric vehicles, EV, Fiat, General Motors, Hyundai, Jobs, Joe Biden, Volvo

[JACK AYLMER]

AUTOMAKERS ARE GETTING A BAILOUT FROM THE BIDEN ADMINISTRATION.

ON THE CONDITION THEY GO ELECTRIC.

THE ENERGY DEPARTMENT JUST UNVEILED A PLAN TO BRING ONE-POINT-SEVEN BILLION DOLLARS IN FEDERAL ASSISTANCE TO ELEVEN AUTO FACTORIES.

THE MOVE WOULD RETOOL THESE PLANTS TO MAKE ELECTRIC VEHICLES AS OPPOSED TO HAVING THEM SHUT DOWN.

GENERAL MOTORS, HYUNDAI, FIAT, VOLVO AND OTHERS ARE GETTING THE BOOST FROM THIS GOVERNMENT INTERVENTION.

THE MONEY WON’T BE AWARDED UNTIL SUCCESSFUL NEGOTIATIONS WITH THESE COMPANIES ARE COMPLETED.

BUT ONCE DONE, THE ADMINISTRATION SAYS THIS PLAN WILL HELP CREATE CLOSE TO THREE-THOUSAND NEW JOBS-

AND HELP ENSURE THAT ABOUT 15-THOUSAND WORKERS ARE RETAINED ACROSS ALL ELEVEN FACILITIES.

THE LARGEST CHUNK OF THESE FUNDS ARE SET TO GO TO GM.

THEY’RE EXPECTED TO RECEIVE 500 MILLION DOLLARS TO CONVERT A MICHIGAN PLANT FROM PRODUCING INTERNAL COMBUSTION ENGINE VEHICLES TO EVS.

THIS NEW WAVE OF GRANTS WILL COMPLEMENT THE NEARLY 200 BILLION DOLLARS INVESTED IN PRIVATE SECTOR EV MANUFACTURING SINCE BIDEN TOOK OFFICE.

FROM BUILDING MORE EV CHARGERS TO OFFERING TAX CREDITS FOR PROSPECTIVE DRIVERS, THE WHITE HOUSE HAS PUT BILLIONS TOWARDS GETTING MORE ELECTRIC VEHICLES ON THE ROAD.

TO LEARN MORE ABOUT THESE INITIATIVES AND THEIR VARYING LEVELS OF SUCCESS, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SEARCH “EVS” SO YOU CAN CATCH ALL OF OUR PREVIOUS REPORTING.

Biden admin slates $1.7B for automakers transitioning to EV production

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