Biden Administration Offers $12 Billion to Automakers to Retrofit Plants for EV Production

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The Biden administration is providing $12 billion in grants and loans to auto manufacturers and suppliers to retrofit their plants for the production of electric and other advanced vehicles.

This move is aimed at helping automakers transition to electric vehicles (EVs) and could help alleviate concerns from automakers and the United Auto Workers union regarding proposed environmental regulations for EVs.

The UAW has expressed concerns that a rapid transition to EVs could put jobs at risk in several states. The Biden administration also plans to offer $3.5 billion in funding to domestic battery manufacturers.


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