Biden offers $15.5 billion to boost battery and EV manufacturing

The United States Department of Energy is set to allocate a massive $15.5 billion towards the electric vehicle revolution, a vital component of President Joe Biden's 'Investing in America' agenda. The agency said, $12 billion in total (comprising $2 billion in grants and $10 billion in loans), will be channeled directly into supporting automakers and suppliers in retooling their facilities to manufacture electric, hybrid, and hydrogen fuel cell vehicles across the spectrum, from light to heavy-duty.