President Joe Biden’s administration on Wednesday said it intends to invest $2 billion from last year’s Inflation Reduction Act to accelerate domestic manufacturing of electric vehicles and resuscitate plants that are struggling.
Speeding grants and other subsidies to fund conversion of existing auto plants to build electric vehicles could help the White House blunt criticism from auto makers and the United Auto Workers (UAW) union over proposed environmental rules aimed to help usher in the EV era.
The Domestic Manufacturing Conversion Grants for EVs program will provide cost-shared grants for making efficient hybrid, plug-in electric hybrid, fully electric, and fuel cell vehicles.
The Department of Energy’s Vehicle Technologies Office said the program will prioritize projects that refurbish or retool manufacturing plants that have recently stopped operations or were expected to close soon.
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