The Biden administration will provide automakers with funding worth $15 billion to retrofit legacy car manufacturing factories into electric vehicle and EV battery-production facilities. A recent announcement from the U.S. Department of Energy (DOE) revealed that the administration would issue $15.5 billion in loans and funding for the “retooling of existing factories” to aid in the transition to electric cars.
Furthermore, the move will provide much-needed capital for established automakers as their key products (internal combustion engine cars) become obsolete in…
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