White House announces $3.1 billion for U.S. EV battery manufacturing

U.S. President Joe Biden gestures soon after driving a Hummer EV all through a tour at the Normal Motors ‘Factory ZERO’ electric motor vehicle assembly plant in Detroit, Michigan, November 17, 2021.

Jonathan Ernst | Reuters

The Biden administration introduced on Monday that it will present $3.1 billion in funding to support endeavours to make electric motor vehicle batteries and parts in the United States.

The funding, component of the Bipartisan Infrastructure Legislation enacted final year, will support strategies by U.S. companies to create new factories and retrofit current types to make EV batteries and linked parts.

Separately, the Office of Energy said an more $60 million will be out there to assistance the reuse and recycling of utilized EV batteries.  

Electricity Secretary Jennifer Granholm explained the new investments “will give our domestic source chain the jolt it desires to turn into extra secure and fewer reliant on other nations,” a key priority for the administration in the wake of the worldwide supply chain disruptions that adopted Russia’s invasion of Ukraine.

The White Residence has said that it wishes totally electrical vehicles to make up above 50 percent of U.S. new-auto revenue by 2030.