"The Biden administration will put up to $12 billion into converting auto manufacturing facilities into plants for hybrid and electric vehicles, it announced Thursday.

Automakers will be able to receive loans or grants to convert their factories into those that make plug-in electric, hybrid, or hydrogen fuel cell vehicles, Energy Secretary Jennifer Granholm told reporters Thursday.

A total of $10 billion will come from the Energy Department’s Loan Program Office and an additional $2 billion coming from Inflation Reduction Act grants. The loan program was also bolstered by the Democrats’ climate, tax and health care bill."

Rachel Frazin reports for The Hill August 31, 2023. [2]

SEE ALSO:

"US Battery Maker Secures $399 Million Energy Loan Guarantee" (Bloomberg Environment) [3]