The Biden administration is awarding nearly $2B in grants to General Motors NYSEGM, Stellantis NYSESTLA and other carmakers to help restart or expand electric vehicle manufacturing and assembly sites in eight states. The Energy Department will issue grants totaling $1.7 billion to create or retain thousands of union jobs and support auto-based communities in the three presidential battleground states of Michigan, Pennsylvania and Georgia as well Ohio, Illinois, Indiana, Maryland, and Virginia.
UAW President Shawn Fain has applauded the announcement, saying the grants and loans 'makes clear to employers that the EV transition must include strong union partnerships with the high pay and safety standards that generations of UAW members have fought for and won.' Impact On Oil Demand With the year at the midpoint, the EV boom shows no signs of slowing down.