Biden Admin Awards $2.8 Billion to Boost EV Manufacturing

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This week, the Biden-Harris Administration announced that it would allocate more than $2.8 billion to American EV manufacturing in a fresh round of funding intended to increase US manufacturing capacity for EVs like, yesterday.

The money will be doled out in the form of grants, which included grants awarded to some 20 manufacturers across 15 states, to help further develop the necessary battery-grade graphite, lithium, and nickel sourcing and refinement infrastructure that will be needed to support the rapidly expanding demand for the raw materials associated with EV production. The money will also be used to develop the first commercial lithium electrolyte salt production facility in the US, further reducing domestic automakers’ dependence on Chinese materials — a scenario that Phil Gross, CEO of Snow Lake Lithium, has argued poses “an existential threat” to North American car makers.

“Today, I’m announcing the launch of the American Battery Materials Initiative. It’s going to coordinate the effort across the federal government and work closely with the private sector, labor unions, Tribes, community organizations, and our partners and allies abroad,” Biden said, in remarks about the new awards.”

“This is critically important, because the future of vehicles is electric, but the battery is a key part of that electric vehicle. And right now, 75 percent — as the folks on the screen can tell you — 75 percent of that battery manufacturing is done in China.”

“And for some battery components,” the President continued, “critical materials, China controls nearly half the global production. But China’s battery technology is not more innovative than anyone else’s … in fact, our national labs, our research universities, our automakers led the development of this technology here in America. But by undercutting US manufacturers with their unfair subsidies and trade practices, China seized a significant portion of the market.”

You can read the President’s full remarks on the new grants’ passing over at the official White House PR link, then let us know what you think of this $2.8 billion subsidy — just a fraction of what the US government spends to keep corn prices high and keep oil prices low, it must be said — in the comments section at the bottom of the page.

 

Source: WhiteHouse.gov


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