The Biden administration will make $12 billion available in grants and loans for car and truck manufacturers and suppliers to retrofit factories to produce electric vehicles and other advanced models, Energy Secretary Jennifer Granholm announced Thursday.
Biden has set a target for half of all new vehicles sold in the U.S. in 2030 to be zero-emissions vehicles, including battery-electric TSLA, +0.20% GM, +0.92%, plug-in hybrid gas/electric TM, +2.42% and fuel-cell electric vehicles. Read: ‘I have a pension; they don’t’: Why United Auto Workers are fighting to end a two-tier system for wages and benefits
The threat, they believe, is that more nonunion workers and smaller workforces could come with the shift to EVs, which have fewer parts and more software-based functionality and, experts have said, are simpler to manufacture by several orders of magnitude. That also makes their maintenance cheaper for drivers in the long run.
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