Biden Announced $2.4 Billion Grant For Auto Batteries

The U.S. automakers wanted money to build battery-powered cars, and the Obama administration was happy to oblige by announcing $2.4 billion in grants for electric cars.

Biden Announces 2.4 Billion Grant for Auto Batteries

The U.S. automakers wanted money to build battery-powered cars, and the Obama administration was happy to oblige by announcing $2.4 billion in grants for electric cars. The ailing major auto companies were big winners, with GM netting $250 million, Ford getting $92.7 million partly for an electric-drive parts facility in Michigan and Chrysler getting $70 million to work on hybrid pick-ups and minivans. The government also plans to subsidize more electric charging stations. Not everyone’s happy about the news. Smaller companies who lost out on funding argued that they’re the real innovators, and that a lot of the grant money could end up in foreign pockets. [via Wall Street Journal Via Engadget, Image]

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