US supports 12 billion USD for electric vehicles

The US government announced on August 31 that it will provide subsidies and loans to automakers to accelerate the transition to electric vehicles.

The Biden administration will provide $12 billion in grants and loans to automakers and their suppliers to retrofit factories to produce electric vehicles and other advanced vehicles, Energy Secretary Jennifer Granholm said on August 31.

$2 billion in subsidies will come from the Inflation Reduction Act passed last year. $10 billion in loans will come from the Department of Energy’s Office of Loans. The U.S. government will also provide $3.5 billion in support for domestic battery manufacturers, Granholm said.

"As we transition to electric vehicles, we want to make sure that workers can move locally. No one, no community will be left behind," Granholm told reporters.

A Tesla Model S at the showroom. Photo: Reuters

Earlier this year, the Biden administration put forth an ambitious policy proposal that electric vehicles would account for two-thirds of new cars sold in the US by 2032.

Accelerating support for converting existing auto plants to electric vehicles could also help the White House ease criticism from automakers and the United Auto Workers union, which have proposed a series of environmental regulations to usher in the era of electric vehicles.

The UAW had warned that moving too quickly could put thousands of jobs at risk, in states like Michigan, Ohio, Illinois and Indiana. After the US government's announcement, UAW President Shawn Fain said the policy "has made it clear to automakers that the transition to electric vehicles must be accompanied by the wage increases and safety standards that the UAW is demanding."

US President Joe Biden also affirmed that "building a clean energy economy benefits both sides - both automakers and workers - the components that have supported the US economy for decades".

Fain had previously pledged to protect a Jeep plant in Illinois that Stellantis wanted to close, but the automaker left open the possibility of reopening it if the plant could produce new products with government support.

Asked about the potential for the $12 billion in aid to help factories reopen, Granholm said factories “will benefit from the opportunities that this money opens up.”

A US Department of Energy official said there are currently no specific labor regulations for companies to receive support. However, projects with good labor conditions will have a higher chance of receiving capital.

Ha Thu (according to Reuters)

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