The loan discussed by Notebookcheck in the middle of 2023 is finally starting to take form. This comes as part of a wider effort by the Biden administration to encourage electric vehicle (EV) manufacturing in light of the upcoming presidential change.
Importance of Domestic Production
Jigar Shah, who leads the DOE Loan Programs office, pointed out how crucial this initiative is. He mentioned the competitive threats from China in the global manufacturing scene, stressing the need to boost production capabilities within the U.S.:
"This program is vital for making people prefer the United States of America."
BlueOval SK's Ambitious Plans
The BlueOval SK partnership has set ambitious targets, which include constructing three massive plants in the continental U.S., each covering an area of 4 million square feet.
Additional Funding for EV Growth
In a similar move to enhance EV manufacturing, the DOE plans to offer up to $7.54 billion in affordable financing to Stellantis and Samsung SDI. This funding will support the establishment of two lithium-ion battery factories in Indiana. This new effort adds to previous financial arrangements, including a $2.5 billion loan provided to General Motors and LG Energy Solution for battery production across various states.
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