December 21, 2022
Source: The Hill
The Biden administration on Monday announced a loan of $2.5 billion to a joint General Motors (GM) and LG venture that will manufacture electric vehicle (EV) batteries.
The Energy Department will provide the loan through its Loan Programs Office to the joint venture, Ultium Cells, which plans to establish battery manufacturing facilities in Michigan, Ohio and Tennessee.
Read more: Biden announces $2.5B loan for electric vehicle battery hubs in three states