U.S. Economy: Massive $3 Billion Investment in EV Battery Production to Challenge China
The Biden administration has announced more than $3 billion in funding to U.S. manufacturers to ramp up production of advanced batteries and materials for electric vehicles (EVs).
This move aims to reduce China's dominance in global battery production, a key sector for EVs and other electronics.
The grants will support 25 projects across 14 states, including Michigan, North Carolina, Ohio, Texas, South Carolina, and Louisiana.
These states are politically significant, with many considered battlegrounds in upcoming elections.
This funding marks the second round of grants under the bipartisan infrastructure law passed in 2021. Previously, $1.8 billion was allocated for 14 projects.
While the current round is almost double this, it is smaller than expected due to some projects being withdrawn or rejected during negotiations.
The $3 billion initiative is part of a broader effort by President Joe Biden and Vice President Kamala Harris to promote EVs and fight climate change while building U.S. battery manufacturing capacity.
Companies receiving the grants will focus on processing lithium, graphite, and other materials used in EV batteries, as well as manufacturing key components.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.