$1.7 Billion Biden Program Transforms Closed Auto Plants into EV Factories

Money | July 11, 2024, 6:24 a.m.

The Biden administration has announced a $1.7 billion investment to convert endangered or closed auto plants into electric vehicle manufacturing facilities across eight states. This funding will be used to retrofit these factories in order to produce a variety of electric vehicles, including parts for electric motorcycles, school buses, hybrid powertrains, heavy-duty commercial truck batteries, and electric SUVs. President Biden stated that this investment will create thousands of high-paying, union manufacturing jobs and help auto companies retool and rehire in the same communities. The funding is part of a larger $15.5 billion program aimed at transitioning existing manufacturing facilities into EV and clean vehicle assembly operations. Some of the factories that will benefit from this investment include a Stellantis factory in Illinois, General Motors factory in Michigan, and a Harley-Davidson facility in Pennsylvania. The grants come with the condition that they must go towards creating and retaining union jobs in the auto sector, emphasizing the importance of American-made vehicles by American workers.