GM, Stellantis Get $1.1B in DOE Grants To Convert Plants To EV Production

Automakers General Motors (GM) and Stellantis (STLA) are getting almost $1.1 cardinal successful grants from nan White House to person “at-risk” plants into electric conveyance (EV)-related accumulation facilities, nan U.S. Department of Energy said Thursday.

The backing is portion of $1.7 cardinal successful full allocated for nan conversion of 11 specified plants crossed 8 states, which nan DOE expects to lead to nan retention of 15,000 existing national jobs and nan creation of astir 3,000 caller ones. 

GM To Receive $500M, Stellantis $585M successful Grants

The plans see $500 cardinal to person a General Motors installation successful Michigan to EV accumulation and astir $585 cardinal for Stellantis-owned Fiat-Chrysler plants successful Illinois and Indiana. Other sites receiving awards are recovered successful Ohio, Pennsylvania, Maryland, Georgia, and Virginia.  

"There is thing harder to a manufacturing organization than to suffer jobs to overseas title and a changing industry," U.S. Secretary of Energy Jennifer Granholm said. "Even arsenic our competitors put heavy successful electrical vehicles, these grants guarantee that our automotive manufacture stays competitive—and does it successful nan communities and pinch nan workforce that person supported nan car manufacture for generations."

President Joe Biden has made nan accumulation of EVs a halfway portion of his home power policy. The Inflation Reduction Act, signed successful 2022, incentivizes group to bargain EVs pinch a taxation in installments of up to $7,500 from nan authorities for consumers who meet income requirements. 

GM shares roseate 2.4% to $47.65 arsenic of 11:20 a.m. ET Thursday, while Stellantis shares ticked 0.5% higher to $20.20.