Almost a dozen U.S. auto factories will collectively receive $1.7 billion from the Biden administration to retool themselves to make electric vehicles.
The funding from the Inflation Reduction Act, announced Thursday by the White House and Department of Energy, aims to bolster a flagging part of the auto sector — older plants that are idling because of the transition away from fossil fuels or other economic challenges. Until now, it was not known who would receive the grants, or how they would be used.
The funding also comes as President Joe Biden’s EV agenda is under assault from presumptive Republican nominee Donald Trump, who currently leads the race for the White House and has pledged to reduce support for the technology. The administration has been pushing to get IRA money out the door before a potential Trump administration would have more control over how funds are spent and when they are distributed.
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