Biden unveils $1.7 billion to boost EV production at U.S. auto factories
Business,Electric Vehicles,Climate Change,Domestic Policy,Banking And Finance,Unions,Economy And Jobs,General Motors,Inflation Reduction Act
The Energy Department on Thursday unveiled $1.7 billion for retooling 11 auto factories to make electric vehicles and their components, with a focus on facilities that have shuttered or could close without federal help.
The funding underscores how the Biden administration is racing to get climate money out the door before the November election, even as it faces criticism for not moving faster on green lending. Should former president Donald Trump win a second term, he could try to scrap billions of dollars worth of federal spending aimed at accelerating America’s shift to clean energy and electric vehicles.
Much of this money comes from President Biden’s signature 2022 climate law, the Inflation Reduction Act, which also provides tax credits of up to $7,500 for consumers to buy EVs. Trump has falsely claimed that EVs don’t work, and he vowed to gut Biden’s EV policies during an April meeting with oil industry donors.
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