Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli Channel 13: The Iranian nuclear program cannot be destroyed with missiles, even if we spend another year attacking it alongside the Americans.
Over 30 casualties in a suicide bombing that targeted the Mar Elias Church in Damascus, Syria.
Iranian Shura Council recommends the closure of the Hormuz Strait and leaves the decision up to the Iranian National Security Council.
IRGC Commander Major General Mohammad Pakpour: As time passes, the people's solidarity increases, which is a divine blessing
IRGC Commander Major General Mohammad Pakpour: The Iranian Revolution Guard Corps' aerospace operations will not stop
Russian Foreign Ministry: IAEA Director General Rafael Grossi must ensure that an objective report is presented at the special session of the International Atomic Energy Agency (IAEA)
Russian Foreign Ministry: The UN Security Council must respond to the US attacks on Iran
Russian Foreign Ministry: We strongly condemn the US strikes on Iran, calling the decision irresponsible
Iranian Red Crescent: Three personnel martyred, 29 injured in Israeli aggression
IRGC: We have identified and monitored the departure points of the US aircraft that carried out the aggression

US finalizes $2.5Bln loan to build 3 EV battery plants: Energy Dept.

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Dec 2022 00:04
  • 1 Shares
3 Min Read

The US Department of Energy says that the Biden administration closed a $2.5 billion loan to build three electric vehicle battery manufacturing facilities in Ohio, Tennessee, and Michigan.

  • x
  • Artist's concept of Ultium Cells battery plant in Spring Hill, Tennessee. (Photo: General Motors)
    Artist's concept of Ultium Cells battery plant in Spring Hill, Tennessee. (Photo: General Motors)

The Biden administration is finalizing a $2.5 billion loan to a GM joint venture to build three electric vehicle battery manufacturing facilities, the Energy Department said on Monday.

"The US Department of Energy (DOE), through its Loan Programs Office (LPO), today announced the closing of a $2.5 billion loan to Ultium Cells LLC to help finance the construction of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan," the release said, adding that "Ultium Cells, a joint venture between General Motors and LG Energy Solution, will manage battery cell production at the three facilities to address the growing US consumer demand for electric vehicles (EVs)."

Read: Electric Cars Will Dominate the Market in 2040

The project will secure more than 11,000 jobs, including 700 for United Auto Workers in the newly-organized Warren, Ohio facility, according to the release.

This would be the first loan given exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing (ATVM) program, the release added, noting that the program has attracted over $104 billion in requested loans and loan guarantees since the end of October.

President Joe Biden's Bipartisan Infrastructure Law provides $7.5 billion for EV charging infrastructure and over $7 billion to build out the critical minerals supply chains needed for batteries, materials, components, and recycling.

Related News

Hezbollah condemns US aggression on Iran, warns of regional escalation

Iran holds the initiative after nuclear strikes, Shamkhani says

Biden’s Inflation Reduction Act (IRA) has been directing investments and updates to the ATVM program by allocating $3 billion for direct loans' costs to remain available through September 30, 2028.

It is worth noting that despite the West's desperate attempts to increase their battery production, Asia still dominates the industry with 6 out of the top 10 companies being Chinese.

Chinese automaker BYD became the world's leading electric vehicle seller, pushing Elon Musk's Tesla to second place in the growing EV market.

BYD sold 638,157 electric or plug-in hybrid passenger vehicles in the first two quarters of 2022, company filings published on July 3 said, marking a 325% year-on-year increase.

South Korean President Yoon Suk-yeol asked Tesla founder Elon Musk to invest in the production of electric vehicles (EV) in South Korea, the Yonhap news agency reported in November.

Yoon had a virtual meeting with Musk, where he asked the billionaire entrepreneur to "invest in South Korea" amid Tesla's plans to build another electric car manufacturing gigafactory in Asia, the agency reported.

Musk said he considers South Korea as "one of the top investment candidate sites" and explained that before making a decision, a comprehensive review of the investment conditions of candidate countries in Asia, such as personnel, technology level, and production environment, will be conducted, Yonhap mentioned.

  • EV industry is booming
    EV industry is booming
  • United States
  • Biden administration
  • US Department of Energy
  • Inflation Reduction Act
  • technology
  • Asia
  • electric vehicles
  • China
  • Ohio
  • Tennessee
  • Michigan
  • South Korea

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • Today
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran UN Ambassador Amir Saeid Iravani addresses a United Nations Security Council meeting, Friday, June 20, 2025. (AP)
Politics

Iran demands urgent UN Security Council session over US airstrikes

CIA Director John Ratcliffe, testifies before a hearing April 18, 2023, on Capitol Hill in Washington (AP/Manuel Balce Ceneta)
US & Canada

Trump aides pushed war on Iran with Mossad-fed intel, ignoring dissent

This photo released on Nov. 5, 2019, by the Atomic Energy Organization of Iran shows centrifuge machines in the Natanz uranium enrichment facility in central Iran. (Atomic Energy Organization of Iran via AP, File)
Politics

Iran: Minor damage to nuclear sites after US attack, no radiation

The U.S. Capitol, on June 5, 2025, in Washington. (AP)
Politics

US lawmakers condemn Trump’s strikes on Iran; MAGA base frustrated

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS