Biden administration announces a $1.7 billion plan to juice electric vehicles in America

The White House has announced that it will provide $1.7 billion in funding to assist with the transformation of closed or at-risk auto manufacturing and assembly plants into facilities that produce electric and hybrid vehicles. The move aims to support the US electric vehicle industry and compete with China’s rapidly growing market. The funding, sourced from the Inflation Reduction Act, will be distributed to plants in several states, including Michigan and Pennsylvania. The projects are expected to create approximately 2,900 new jobs and retain 15,000 existing jobs. Both major automakers and suppliers will benefit from the funding.