Biden Admin Announces $2 Billion to Modernize Auto Manufacturing Facilities

The federal government is spending $2 billion to modernize automobile manufacturing facilities, helping the industry to compete with foreign subsidies and create and protect jobs. As part of the Automotive Community Benefits Plan, the current administration will extend grants to 11 selected manufacturing plants in eight states, including in Georgia, Michigan, and Pennsylvania, that have temporarily shuttered or were at risk of closing. Federal funding, which will come from the Inflation Reduction Act, will be dedicated to retrofitting factories, installing equipment, launching projections, and bolstering annual production. Grant capital will also allow these at-risk facilities to convert to the manufacturing of electric vehicles and related components and a broad range of new-generation cars, such as fuel cell vehicles, hybrid cars, and high-growth vehicle drive trains....