VP Harris to announce $100 million funding to aid auto parts makers for EV supply chain

Vice President Harris is set to unveil $100 million in funding and resources for small and medium-sized auto parts makers and autoworkers to retool their factories for the EV transition.

The current government has spent more than $170 billion on the electric vehicle (EV) industry and battery supply chain manufacturing. The funding added more than 250,000 jobs. More than 20 auto and battery plants over the past four years.

The new $100 million funding is aimed at supporting the EV transition and helping to improve the supply chain. $50 million from this funding will be transferred under the Automotive Conversion Grants Program for partnerships with the state to aid small and medium-sized suppliers.

This will help them to transition from internal combustion engine parts manufacturing to EV parts supply chain. The Department of Energy (DOE) has also requested public input on the design of these state-federal partnerships to improve support for manufacturers in the auto supply chain.

Electric Vehicle Charging

DOE will give $50 million of its Industrial Assessments Center implementation grants program to help auto suppliers kickstart manufacturing diversification and conversion projects.

This program provides grants of up to $300,000 to entities that have received an Industrial Assessment Center assessment to improve their facilities’ energy and material efficiency, cybersecurity, or productivity or reduce greenhouse gas emissions.

The Small Investment Company program will enable millions of dollars in private capital for the EV supply chain to help small and medium-sized manufacturers grow and diversify their businesses. Furthermore, the Working Capital Pilot Program will provide lines of credit to small businesses including auto parts manufacturers and distributors to support their domestic or export finance requirements.

(source)