The Biden administration will allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing.
US officials said on Monday that the Biden administration will allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing.
Funding will be allocated by the Department of Energy from President Joe Biden, the $1 trillion infrastructure bill signed last year. The initiative will include processing minerals for use in large-capacity batteries and recycling those batteries, the agency said in a statement.
Biden wants half the vehicles sold in the US to be electric by 2030, a goal he hopes will boost unionized manufacturing jobs in key election battleground states, thwart Chinese competition in a rapidly growing market and climate- will reduce the transition carbon emissions.
The administration is also taking steps to secure energy independence and cut long-standing inflationary pressures caused by Russia’s February 24 invasion of Ukraine.
“As we face Putin’s price hikes on oil and gas, it’s also important to note that electric vehicles are a long-term threat to American households,” White House infrastructure coordinator Mitch Landrieu told reporters at a briefing. Will be cheap in the race.” To Russian President Vladimir Putin.
Ford Motor Company welcomed the announcement.
“This investment will strengthen our domestic battery supply chain, create jobs and help American manufacturers compete on the global stage,” Ford General Counsel Steven Crowley said in a statement. “We have an opportunity to own this technology here in the US, and the investment announced today will help us get there.”
The latest funding will help set up and retrofit battery factories. The infrastructure law allocated billions more to the government to buy electric buses and install EV chargers. The administration is collaborating with manufacturers, including Tesla Inc Chief Executive Elon Musk, General Motors CEO Mary Barra and Ford CEO Jim Farley.
But the money will not go toward the development of new domestic mines to produce the lithium, nickel, cobalt and other high-demand minerals needed to make these batteries. Some of those projects face local opposition and the Biden administration has been bound by environmental and legal review.
“These resources are about the battery supply chain, which includes recycling, producing critical minerals without new extraction or mining,” said Biden’s national climate adviser Gina McCarthy. “So that’s why we’re all very excited about it.”
In March, Biden invoked the Cold War-era Defense Production Act to support the production and processing of those minerals. He requested funds to support that initiative last week as part of a $33 billion package on Ukraine-related initiatives.
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