[TECHCRUNCH] Biden offers $15.5B to boost battery and EV manufacturing

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The United States Department of Energy is dedicating $15.5 billion to support the transition to electric vehicles.

As part of President Joe Biden’s Investing in America agenda, most of the money will go to automakers and suppliers to retool their plants to produce electric, hybrid and hydrogen fuel cell electric vehicles, the agency said Thursday.

The wave of onshoring began as the COVID-19 pandemic clogged up supply chains and made getting critical battery materials, most of which are produced in China, difficult.

The passage of the Inflation Reduction Act in August 2022 has only boosted domestic manufacturing efforts — the IRA is rife with incentives for manufacturers, although the Treasury still needs to provide guidance on many of the bill’s initiatives.

The federal investments into domestic EV and battery manufacturing are in line with the Biden administration’s commitment to bringing high-paying manufacturing jobs to Americans, particularly in conservative states like Georgia, North Carolina and Tennessee.

Preference will be given to companies with plants in communities with a history of automotive manufacturing and to projects that commit to paying high wages for production workers and maintain collective bargaining agreements.

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