U.S. Investing $50M Into Automotive Suppliers to Accommodate Electric Vehicles
The U.S. Department of Energy is investing $50 million to help small and medium-sized businesses accommodate the electric vehicle supply chain, according to a White House press release.
The funds will be used to help automotive suppliers make necessary upgrades to manufacturing facilities to accommodate the EV market.
Eligible grant recipients must be a state, territory, or the District of Columbia; have a workforce of at least 0.5% that are in the automotive sector; and must qualify for at least $4 million of the funding.
Under these guidelines, six states would be eligible for the following amounts:
Michigan: $18,406,420.45
Ohio: $9,373,236.32
Indiana: $8,770,249.81
Kentucky: $4,876,458.57
Tennessee: $4,513,688.68
Illinois: $4,059,946.17
The deadline for states to apply for funding is on Oct. 15, 2024.
In addition, $1.5 million will also be used to create and refine a Small Supplier EV Transition Playbook to help suppliers of internal combustion engines with expanding their business model.
The news comes after the announcement of a $100 million grant back in May for preparing small and medium-sized parts suppliers for EVs.
