Reasons for slowdown of EV in the EU and US – Industry News 2404
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Preface
US will allocate funds to EV industry
US will allocate funds to EV industry on 1.7 billion dollars, to assist automobile manufacturers in completing factory renovations and expansions，thus promoting the development of the electric vehicle industry in the United States.
Productivity returning to flow
Industrial Strategy
The policy is a hallmark of the Biden administration’s industrial strategy, aimed at promoting domestic manufacturing, attracting or encouraging companies to relocate their production lines back to the United States, thereby creating job opportunities and fostering economic growth,” said Jennifer Granholm, U.S. Secretary of Energy, during a press conference.
Policy coverage
The funding of nearly $2 billion will cover battleground states such as Michigan, Pennsylvania, and Georgia, and expand to Ohio, Illinois, Indiana, Maryland, and Virginia. This is also part of Biden’s campaign strategy. The White House is seeking to win over workers in key battleground states and reassure automotive workers that electric vehicles will not reduce job opportunities.
Job Positions Creating
Considerations of the Presiden
Biden pointed out that by investing in the clean energy economy, not only can it provide thousands of high-paying job opportunities for automotive workers, but it also helps the automotive industry to upgrade technology and restart business in existing factories and communities, creating a win-win situation.”
Government speaks out
According to the US government, these projects have created approximately 2,900 new job positions and saved 15,000 jobs that would have otherwise been lost. The funded companies include major automobile manufacturers such as Fiat Chrysler, General Motors, and Volvo, as well as some automotive parts suppliers.
Benefits Of Automobile Enterprise
General motors
It is reported that General Motors will receive a federal funding of $500 million to help transform its assembly plant in Lansing, Michigan into an electric vehicle factory. Since 2020, General Motors has announced investments totaling over $12 billion for its electric vehicle manufacturing and supply chain in North America.
Harley-Davidson
Harley-Davidson will receive $89 million to expand its factory in York, Pennsylvania, where electric motorcycles are produced.
Volvo Group
Volvo Group will receive $208 million to upgrade three factories that produce Mack and other heavy-duty trucks.
Uncertain Factors
At the announcement of this allocation, an increasing number of Democratic lawmakers have openly called on Biden to abandon his presidential campaign, with even former Speaker of the House Pelosi urging him to “seriously consider whether or not to run.” Meanwhile, Trump’s prospects for re-election are strong, and there is no one within the Republican Party who can compete with him.
In addition, Trump has been criticizing Biden’s electric vehicle policy, claiming that it is ineffective and will be adjusted once he takes office.
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