The bill President Biden signed into law recently will greatly expand government loans and loan guarantees for clean energy and automotive projects and businesses.
The new climate, tax and health law signed by President Biden extends a credit for electric vehicle buyers. But there are new strings attached that kick in at different times.
Carmakers may need several years to revamp their supply chains to meet new rules, but the legislation is still seen as a win for electric vehicles.
Demand for electric vehicles has been far stronger than the supply of battery materials like lithium, nickel and cobalt.
Along the way to the $369 billion package, the West Virginia senator secured an array of concessions for his state and for the fossil fuel industry.
The Senate’s proposal aims to accelerate electric car sales and promote domestic battery manufacturing at China’s expense.
The $369 billion climate and tax bill would affect every aspect of U.S. energy production, with incentives for producers and consumers to move away from fossil fuels.
The announcement Wednesday of an agreement in the Senate almost instantly reset the role of the United States in the global effort to fight climate change.
The loan will help the automaker and its supplier build electric vehicle battery factories in Ohio, Tennessee and Michigan.
The party has largely moved beyond denying the existence of climate change but continues to oppose dramatic action to halt it, worried about the short-term economic consequences.