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The Biden administration is distributing $100 million in new funds to help auto manufacturers retool facilities for electric vehicle parts.
The grants announced on May 6 include $50 million for state-level partnerships with small- and medium-sized companies to convert facilities from making internal combustion engine parts into manufacturing for the EV supply chain. Another $50 million will help auto suppliers start additional manufacturing diversification projects. As part of this initiative, the Department of Energy is directing millions more in private capital toward similar EV supply chain conversion efforts for small- and medium-sized manufacturers.
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