STLA - Biden Administration Injects $1.7B into EV Manufacturing Facilities Of General Motors Stellantis & More | Benzinga
The Biden administration intends to grant General Motors Company (NYSE:GM) and Chrysler-parent Stellantis N.V. (NYSE:STLA) nearly $1.1 billion in funding to transform their current facilities into manufacturing hubs for electric vehicles and related components.
The Department of Energy (DOE) has unveiled plans to allocate $1.7 billion in grants aimed at supporting the transformation of 11 vulnerable plants across eight states, reported Reuters.
This initiative aims to enable these facilities to produce 1 million electric vehicles annually, safeguarding 15,000 current jobs while generating 3,000 new positions.
Energy Secretary Jennifer Granholm informed reporters the awards were a “hallmark of the Biden administration’s industrial strategy” and would “modernize historical auto manufacturing facilities,” Reuters added.
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