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US Government Pledges $1.7 Billion in Grants to Support EV Manufacturing and Assembly
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US Government Pledges $1.7 Billion in Grants to Support EV Manufacturing and Assembly
Jul 11, 2024 4:08 AM

06:56 AM EDT, 07/11/2024 (MT Newswires) -- The US Energy Department will provide $1.7 billion in grants to help restart or expand electric vehicle, or EV manufacturing and assembly facilities in eight states, multiple media outlets reported Thursday, citing the White House.

The grants will go to the facilities in Michigan, Pennsylvania, Georgia, Ohio, Illinois, Indiana, Maryland and Virginia.

Grant recipients include GM (GM), Stellantis ( STLA ) , Volvo, Harley-Davidson ( HOG ) , and suppliers such as American Auto Parts, according to the media outlets. Of the $1.7 billion, nearly $1.1 billion grants will be awarded to General Motors ( GM ) and Stellantis ( STLA ), Reuters reported.

General Motors ( GM ) is set to receive $500 million to convert its Lansing, Michigan assembly plant to produce EVs and Harley-Davidson ( HOG ) will get $89 million to expand its York, Pennsylvania electric motorcycle facility. Volvo will receive $208 million to upgrade three manufacturing facilities that build Mack and Volvo-branded heavy-duty trucks, the outlets reported, citing the White House.

The pledged grants will ensure more than 15,000 union workers retain their jobs and would create around 3,000 additional positions, US officials said as reported by Axios and Reuters.

Price: 19.91, Change: -0.19, Percent Change: -0.95

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