The US will allocate billions of dollars to develop the production of electric vehicles and batteries in the country. This was reported by TechCrunch.
The funds are allocated by the US Department of Energy as part of President Joe Biden’s program. $12 billion is provided for the conversion of factories for the production of electric vehicles. The investments will support projects to re-profile production for light, medium, and heavy electric vehicles.
Another $3.5 billion will be used to expand domestic production of batteries for electric vehicles and the national power grid, as well as materials and components for batteries that were previously imported from other countries.
Accordingly, the total amount for the development of electric vehicle and battery production in the country will be $15.5 billion.
As you know, over the past few years, a number of automakers and battery manufacturers have announced their intentions to build battery manufacturing plants in the United States. These plans came about after the Covid-19 pandemic affected supply chains and made it difficult to obtain critical battery materials, most of which are produced in China.