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
The Government Media Office in Gaza: The occupation’s latest crime is further evidence of its ongoing implementation of genocide through starvation.
Gaza Government Media Office: This is a methodical use of aid as a tool of war to blackmail hungry civilians.
Gaza Government media office: Massacre committed by occupation today is a blatant war crime under international law.
Al Mayadeen's correspondent: Waves of injured and martyrs continue to arrive at Nasser Medical Complex following the horrific massacre near the aid distribution centers in Rafah.
Al Mayadeen's correspondent in Gaza: 30 martyrs and 120 wounded by Israeli fire while heading to a 'US aid distribution site' west of Rafah.
Araghchi to Grossi: These parties will bear responsibility for the consequences of their actions
Araghchi to Grossi: Iran will respond to any unlawful action by European countries or parties attempting to turn the Agency into a tool for achieving their objectives
Araghchi to Grossi: We urge the Agency to warn against the consequences of any political move against Iran
Araghchi to Grossi: We call on the Agency to highlight Iran’s full cooperation during the upcoming Board of Governors meeting next week
Araghchi to Grossi: We demand that the Agency reflect the facts in a manner that prevents certain parties from exploiting it to advance their political agendas

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

Iran warns against politicization of IAEA during critical period

US Envoy calls Hamas ceasefire response 'totally unacceptable'

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

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
MIT bans class president who gave pro-Palestine speech
US & Canada

MIT bans class president over pro-Palestine speech

Arab ministers condemn Israel 'ban' on planned West Bank visit
Politics

Arab ministers condemn Israeli ban on planned West Bank visit

Major General Hu Gangfeng, Vice President, National Defense University, People's Liberation Army, China, leaves after a panel discussion during the 22nd Shangri-La Dialogue summit in Singapore, Saturday, May 31, 2025. (AP Photo/Anupam Nath)
Politics

China blasts Hegseth, calls US top 'troublemaker' in Asia-Pacific

US activists demand shutdown of Musk's 'dirty' supercomputer: Reports
Technology

US activists demand shutdown of Musk's 'dirty' supercomputer: NBC News

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