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    Automobile

    Car factories receive $1.7 billion from Biden to build EVs

    By Ruchika oberoi11 July 2024No Comments3 Mins Read
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    Despite the transition to electric vehicle production, the money will assist in retaining the current workforce.

    According to information released by the US Energy Department, eight states’ auto and auto parts factories would get a total of $1.7 billion in assistance to enable them to retool and produce electric automobiles and their parts. The funds will come from President Biden’s Inflation Reduction Act, which offers battery plants and EV subsidies, as well as the $7,500 tax credit that buyers of electric vehicles can receive, according to The New York Times and The Washington Post.

    A Jeep factory in Belvidere, Illinois, which closed its doors a year ago, is one of the eleven awardees. With $334.8 million from the project, it can reopen to resume producing electric vehicles and bring back 1,450 jobs. With the $500 million grant, GM plans to convert a Lansing, Michigan factory to produce electric vehicles (EVs) rather than gasoline-powered vehicles. In addition, $32.6 million will be given to Hyundai Mobis, a US affiliate of the Korean auto parts manufacturer, to renovate a Toledo, Ohio plant and start producing plug-in vehicle components.

    According to government representatives, the communities they selected are disproportionately impacted by pollution or underinvestment. Furthermore, unions represent the workers in each of the chosen enterprises. The companies still need to negotiate terms with the Department of Energy, so the grants are not finalized. In spite of the switch to EVs, they must pledge to keep their current workforce, and they must satisfy employment goals. Additionally, the companies must guarantee that their employees will receive specific perks including child care, pensions, and professional development opportunities.

    The Times points out that a number of the industries chosen for the program are situated in “battleground states” for the next presidential election. “This investment will create thousands of good-paying, union manufacturing jobs and retain even more — from Lansing, Michigan to Fort Valley, Georgia — by helping auto companies retool, reboot and rehire in the same factories and communities,” Biden stated in a statement. “This delivers on my commitment to never give up on the manufacturing communities and workers that were left behind by my predecessor.”

    US Energy Secretary Jennifer Granholm predicts that the fund would generate 3,000 new employment in addition to preserving 15,000 existing ones. Additionally, according to Granholm, it will enable the US to “compete with other countries who were subsidizing their auto industries.” Though the secretary made no mention of it by name, China is well-known for giving its electric vehicle (EV) manufacturers subsidies. In an effort to support domestic automakers, the European Union declared earlier this year that it would apply additional tariffs of up to 38% on Chinese-made electric vehicles, while the US government increased import duties for Chinese EVs by four times.

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