The climate package President Biden signed into law yesterday is a major economic jolt for a big swath of the country — being called the new Battery Belt — where manufacturers are building lots of electric-vehicle-related factories.
yesterday will open up tens of billions of dollars in subsidies for high-tech electric vehicle plants across the South and the Midwest.The package is a big down payment on addressing climate change and moving toward energy independence as the U.S. races to buildIt could also be a major economic jolt for a large swath of the countryDriving the news:
Now automakers and battery suppliers will be eligible for billions of dollars in federal loans and tax credits to offset those costs and spur additional investments.The government will provide a tax credit of $35 per kilowatt hour for each U.S.-produced battery cell.Ford, for instance, could get a $3 billion tax break for the twin factories it's building in Kentucky, which will be able to produce 86 gigawatt hours' worth of batteries annually. for U.S.
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