U.S. Energy Department To Lend GM Battery Cell Manufacturing Arm $2.5 Billion | Carscoops

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U.S. Energy Department To Lend GM Battery Cell Manufacturing Arm $2.5 Billion | Carscoops
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U.S. Energy Department To Lend GM Battery Cell Manufacturing Arm $2.5 Billion | Carscoops carscoops

will spend more than $7 billion building the above-mentioned plants. In order to receive this loan, though, it will have to offer employees the local prevailing wage and fringe benefits.

The loan would be the Energy Department’s first directed exclusively at battery cell manufacturing. It has, however, previously provided low cost loans toThe ATVM program currently has $17.7 billion in lending authority, said Shah. He added that the program has already received more than $18 billion in loan requests and expects another $5 billion more. The Biden administration has set a goal of turningto electric or plug-in hybrids by 2030, which this program will help facilitate.

Ultium’s plant in Ohio is expected to start manufacturing battery cells in August, whereas production at its Tennessee plant is expected to start in 2023, and its Michigan plant will be up and running in 2024. The plants will provide battery cells for vehicles based on GM’s Ultium platform, which underpins vehicles such as

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