Biden Gives IDR 43 Trillion To Increase Electric Vehicle Production In The US

US President Joe Biden announced on Wednesday, October 19 that the Department of Energy would grant a $2.8 billion grant from the Bipartisan Infrastructure Act to 20 manufacturing and processing companies for projects in 12 states.

Biden also announced a new initiative named American Battery as an attempt to mobilize the entire government in securing reliable and sustainable supply of important minerals used for power, power, and electric vehicles (EVs).

"Together, this action will increase American energy independence, strengthen national security, support well-paying work across battery supply chains, and lower costs for working families," the White House wrote in a release shared on Twitter.

President Biden announced additional actions to lower gas prices and promote energy security.Learn more: https://t.co/1z9NnsZq5i

— The White House (@WhiteHouse) October 19, 2022

Biden has set the goal of making half of all the new vehicles the US sells by 2030 all electricity.

The White House also mentioned that investments in electric and battery vehicle manufacturing have resulted in EV sales having tripled since President Biden took office.

"This market transformation is expected to increase demand for important minerals such as lithium and graphite used in EV batteries," the announcement explained.

Finally, funding for these selected projects will support: