The news: The US Department of Energy (DOE) has earmarked $15.5 billion to ignite the electric vehicle (EV) transition, part of President Biden's Investing in America strategy.
Why it’s worth watching: This financial windfall offers an unprecedented springboard for automakers and suppliers.
How it works: Grant applications can be submitted through the DOE's Office of Manufacturing and Energy Supply Chains, and loans through the DOE's Loan Program Office.
The caveat: Preference for grants and loans given to existing automotive communities could deprive other locations eager for industrial revival that lack an automotive production history.
Our take: The DOE’s EV battery manufacturing fund helps address a pressing need for onshoring lithium battery production. Further investments should also focus on improving the poor state-of-charging infrastructure as well as providing incentives for EV manufacturers and buyers.
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