Connect with us

Hi, what are you looking for?

Tech News

Shuttered auto plants will become EV factories thanks to $1.7 billion Biden program

Chrysler Group LLC CEO Sergio Marchionne And Illinois Gov. Quinn Visit Belvidere Assembly Plant
Stellantis’ idled Belvidere Assembly Plant is one of the factories that will have new life as an EV facility thanks to $334 million in grant money. | Image: Getty

The Biden administration announced $1.7 billion to convert endangered or shuttered plants into electric vehicle manufacturing facilities.

Eleven auto factories across eight states that are currently closed or at risk of closing will receive the funding in order to retrofit their operations for EV manufacturing, administration officials said in a call with reporters. The types of goods these factories will produce run the gamut from “parts for electric motorcycles and school buses, hybrid powertrains, heavy-duty commercial truck batteries, and electric SUVs,” the White House says.

“Building a clean energy economy can and should be a win-win for union autoworkers and automakers,” President Joe Biden said in a statement. “This investment…

Continue reading…

You May Also Like

Editor's Pick

In this edition of StockCharts TV‘s The Final Bar, available to watch below, Dave celebrates the S&P 500 closing above 5500, laments the lack of market...

Editor's Pick

Amazon (AMZN) has broken out into all-time high territory, closing at $200.02 (above last week’s all-time high mark of $199.84). AMZN stock is firing...

Editor's Pick

Gene Healy I’m just old enough to remember when people worried that a then-73-year-old Ronald Reagan was too befuddled to serve after he had a...

Editor's Pick

In this video from StockCharts TV, Julius assesses the long-term trends as they are playing out on the monthly S&P 500 sector charts. He...