
(patriotnewsdaily.com) – The Biden administration will hand automotive companies $1.7 billion in an attempt to push for them to increase their efforts to produce electric vehicles, including motorcycles, trucks, and cars.
The funds are going to be allocated to 11 projects that are aiming to assist companies in transitioning their facilities to start producing Electric vehicles (EVs). The funds can also be used to help them expand existing manufacturing and EV operations even further.
An administration official recently noted that the funding would be prioritized to be sent to facilities that had either been previously closed or were at risk of being closed.
President Biden also released a written statement in which he pointed out that this initiative is going to be beneficial to both workers and the climate. As he argued, building the clean energy economy up should happen while bolstering union automakers and autoworkers.
He pointed out that this investment is going to lead to thousands of good-paying jobs being created while also allowing auto companies to rehire, retool, and reopen some of their facilities and factories.
The grants will be cost-sharing agreements, with the companies also being required to invest money in the projects.
As part of the project, several projects have been selected, including one by Fiat Chrysler which will convert its Illinois Belvidere Assembly Plant, which is currently idle, to an electric car manufacturer. The same company is also going to convert its Indiana facility to an EV manufacturing facility. General Motors is planning on converting its Lansing, Mich. Gas-powered factory to an EV plant.
Copyright 2024, patriotnewsdaily.com