Biden Administration Offers Over $15 Billion to Retool Auto Plants for Electric Vehicle Production

The Biden administration is providing up to $15.5 billion in loans and grants to automakers for converting factories to produce electric vehicles.
The funding aims to preserve auto industry jobs and support communities reliant on auto manufacturing during the transition to EVs.
Grants will prioritize projects that maintain union labor agreements and contribute to diversity, equity and inclusion goals.
An additional $3.5 billion is allocated for boosting domestic electric vehicle battery production and manufacturing capabilities.
The initiatives align with President Biden's goal of electric vehicles comprising two-thirds of new US auto sales by 2030.