In the newest push towards electric vehicles, the U.S. Department of Energy on Thursday announced a funding package to help automakers upgrade their existing factories for the production of electric vehicles.
What Happened: The $15.5 billion package is meant to keep jobs within the communities where these manufacturing facilities currently exist. About $2 billion shall be made available in grants and up to $10 billion in loans. The department has also announced its intent to make $3.5 billion in funding available to enable the manufacturing of EV batteries, battery materials and components on home grounds.
"Today's announcements ...