Biden Administration Boosts Electric Vehicle Investment in Key States Leading Up to Election

Money | July 11, 2024, 4:54 p.m.

The Biden administration has allocated $1.7 billion in funding from the Inflation Reduction Act to revamp 11 auto manufacturing and assembly plants across eight states into electric vehicle production facilities. This initiative aims to support communities facing job losses and keep the American automotive industry competitive in the global market. Companies like General Motors, Harley-Davidson, Volvo, Fiat-Chrysler, Cummins, Blue Bird Body Company, American Autoparts, and ZF North America will receive funding to produce electric vehicles or components like batteries, powertrains, and commercial truck batteries. The move comes at a critical time as the country faces a transition to electric vehicles, with competitors heavily investing in the sector. This initiative is part of a larger push for sustainable energy and climate projects, reflecting the administration's commitment to a clean energy future.