WASHINGTON—The Biden administration will allocate more than $3 billion in infrastructure funding to finance the electric vehicle (EV) battery manufacturing, U.S. officials said on Monday.
The funds will be allocated by the Department of Energy from the $1 trillion infrastructure bill President Joe Biden signed last year. Among the initiatives will be processing of minerals for use in large-capacity batteries and recycling those batteries, the agency said in a statement.
Biden wants half of vehicles sold in the United States to be electric by 2030, a goal he hopes will boost unionized manufacturing jobs in key election battleground states, thwart Chinese competition in a fast-growing market.
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