WASHINGTON — The Biden administration, as expected, is making up to $12 billion available for automakers to retrofit their facilities to make EVs and hybrids under the administration's signature Inflation Reduction Act.
The funding comes amid tense negotiations between the Detroit 3 and the UAW, which has said the transition to EVs threatens union jobs. It includes $10 billion in newly announced funds from a U.S. Energy Department loan program for clean vehicles. The Energy Department also said it’s planning to make available an additional $3.5 billion in financing to expand domestic battery manufacturing for vehicles and the nation’s power grid.
U.S. Energy Secretary Jennifer Granholm vowed Thursday the U.S. wouldn’t leave American autoworkers behind, telling reporters the funding will support projects in longstanding auto making communities to help retain workers amid the transition.