Biden Launches $3.1B EV Battery Production Boost Plan
May 3, 2022—The Biden administration on Monday announced the creation of a $3.1 billion program to bolster domestic production of electric vehicle batteries in the U.S.
The funds will go primarily to "building, retooling or expanding manufacturing of batteries and battery components" in the form of grants, according to a report from CNBC. The money for the grants will be provided through President Biden's $1 trillion infrastructure law.
“These made-in-America batteries are going to help reduce emissions and create opportunities across the country,” White House National Climate Advisor Gina McCarthy told reporters per the CNBC story.
President Biden has been renewing his administration's focus on the transition from ICE-powered vehicles -- early last month, President Biden invoked the Defense Production Act in order to keep the supply of EV battery materials such as nickel and cobalt in production and readily available.