US administration supports plant conversion and regeneration with subsidies to companies and states to promote EV production

July 11, 2024 at 7:43 PM GMT+9 (some excerpts)

The US Biden administration announced on the 11th that it will provide subsidies of approximately 1.1 billion dollars to General Motors (GM) (GM.N), Stellantis (STLAM.MI) under the umbrella of Chrysler, etc. and 1.7 billion dollars to 8 states to strengthen production systems for electric vehicles (EVs) and their parts.
$1.7 billion will be subsidized to support the conversion of 11 “endangered” factories in 8 states to EV production. The eight states are Michigan, Ohio, Pennsylvania, Georgia, Illinois, Indiana, Maryland, and Virginia.