Biden admin ramps EV spending in swing states as election nears
General Motors, Volvo, Cummins, Harley-Davidson are among companies set to tap EV funding
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The Biden administration on Thursday announced that the Energy Department will provide $1.7 billion in funding to convert 11 auto manufacturing and assembly plants that are shuttered or at risk of closure to make electric vehicles or their supply chain components.
Funding will flow to facilities in eight states — Michigan, Ohio, Pennsylvania, Georgia, Illinois, Indiana, Maryland and Virginia — a list that includes several hotly contested swing states heading into November's elections.
"There is nothing harder to a manufacturing community than to lose jobs to foreign competition and a changing industry," Energy Secretary Jennifer Granholm said in a statement.
"Even as our competitors invest heavily in electric vehicles, these grants ensure that our automotive industry stays competitive — and does it in the communities and with the workforce that have supported the auto industry for generations," she added.
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The $1.7 billion in funding will support retooling auto manufacturing plants to support EVs and related auto parts. (Michael Tercha/Chicago Tribune/Tribune News Service via Getty Images / Getty Images)
The $1.7 billion in funding for the initiative was provided under the Inflation Reduction Act, a package approved by Democrats on a party-line vote in 2022 that contained incentives and subsidies for electric vehicles and climate projects among a variety of other provisions.
Grants will fund facilities that produce auto parts for electric motorcycles and school buses, hybrid powertrains, heavy-duty commercial truck batteries and EVs.
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The $1.7 billion in funding will support retooling auto manufacturing plants to support EVs and related auto parts. (Steve Fecht/General Motors via Getty Images / Getty Images)
Companies that will receive funding through this initiative include:
- General Motors for EVs in Lansing, Michigan
- Harley-Davidson for EV motorcycles in York, Pennsylvania
- Volvo for converting gas commercial trucks to electric in Macungie, Pennsylvania; Dublin, Virginia; and Hagerstown, Maryland
- Fiat-Chrysler for converting the Belvidere Assembly Plant in Illinois to an EV assembly plant; a transmission plant in Kokomo, Indiana, to an electric drive plant
- Cummins for converting a manufacturing plant in Columbus, Indiana, to accommodate zero-emissions components and electric powertrains
- Blue Bird Body Company for an EV bus manufacturing conversion in Fort Valley, Georgia
- American Autoparts for converting an auto plant to make EVs and a battery system plant in Toledo, Ohio
- ZF North America for converting a facility to produce components for EVs in Marysville, Michigan
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HOG | HARLEY-DAVIDSON INC. | 34.03 | +0.40 | +1.19% |
| GM | GENERAL MOTORS CO. | 55.04 | -0.55 | -0.99% |
| CMI | CUMMINS INC. | 377.30 | +2.26 | +0.60% |
| STLA | STELLANTIS NV | 12.36 | -0.85 | -6.47% |
| VLVLY | VOLVO AB | 25.12 | +0.28 | +1.13% |
The administration's announcement comes as President Biden faces mounting scrutiny over his ability to remain the Democratic Party's presidential nominee due to concerns about his health and mental acuity in the wake of last month's presidential debate.
President Biden signed the Inflation Reduction Act in 2022 that provided funding for this initiative. (Allen J. Schaben/Los Angeles Times via Getty Images / Getty Images)
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Amid the controversy, the Biden campaign and White House have said the president intends to remain in the race, and Biden himself has pledged that he's "all in" on continuing.