{"id":2375712,"date":"2024-12-02T20:03:51","date_gmt":"2024-12-03T01:03:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-last-minute-taxpayer-spending-spree-adds-7-billion-for-ev-batteries\/"},"modified":"2024-12-02T20:08:13","modified_gmt":"2024-12-03T01:08:13","slug":"bidens-last-minute-taxpayer-spending-spree-adds-7-billion-for-ev-batteries","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-last-minute-taxpayer-spending-spree-adds-7-billion-for-ev-batteries\/","title":{"rendered":"Biden\u2019s Last-Minute Taxpayer Spending Spree Adds $7 Billion for EV Batteries"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-last-minute-taxpayer-spending-spree-adds-7-billion-for-ev-batteries%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2375712&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A joint venture between \u2064Stellantis and Samsung\u200b SDI has\u2063 secured\u200b a \u200ccommitment from the U.S. government for a loan of up to $7.54 billion to\u200b develop two <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/siemens-signs-deal-to-supply-equipment-for-gigafactories-jv\/\" title=\"Siemens signs deal to supply equipment for gigafactories JV\">electric vehicle battery plants<\/a> in Kokomo, indiana, through StarPlus Energy LLC. This \u2063initiative is anticipated to create over\u2064 2,800 jobs and additional positions for parts suppliers. The loan is pending finalization, requiring StarPlus to engage with\u2064 community and \u2063labor leaders while meeting various \u200clegal and environmental conditions.<\/p>\n<p>The plants \u200daim \u200cto produce battery cells and modules for \u200bapproximately 670,000 electric vehicles annually, thereby <a href=\"https:\/\/amzn.to\/3YuVZYV\">expanding battery\u2062 manufacturing capacity<\/a> in \u200dNorth America and decreasing \u2063reliance on foreign nations \u200clike China.\u2063 If completed, Stellantis may receive $6.85 billion plus interest\u200b for the project.<\/p>\n<p>The proclamation coincides with the \u2062resignation of Stellantis CEO Carlos Tavares,\u200d amid ongoing sales\u2064 challenges. The Energy Department emphasized the importance of private sector partnerships and the\u2062 economic benefits brought by such loans, ahead of the presidential transition where funding for\u2064 such projects might \u200bbe reconsidered by \u200cincoming president Donald\u200c Trump, \u2063who\u200b has criticized similar \u200binitiatives.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><\/p>\n<p>A Stellantis joint venture with Samsung SDI has won a commitment from the U.S. government for up to a $7.54 billion loan to help build two electric vehicle battery plants in Kokomo, Indiana.<\/p>\n<p>The project, being built by StarPlus Energy LLC, is expected to create at least 2,800 jobs at the plants and hundreds more at a nearby park for parts supply companies, the Energy Department said Monday in a statement.<\/p>\n<p>The loan still must be finalized, but the government said the commitment shows its intent to finance the project. To get the loan, StarPlus must develop a plan to engage with community and labor leaders to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/code-red-biden-amps-up-messaging-on-climate-change\/\" title=\"\u2018Code Red\u2019: Biden Amps Up Messaging On Climate Change\">create good paying jobs<\/a>. It also has to meet technical, legal, environmental and financial conditions before the government will fund the loan.<\/p>\n<p>It&rsquo;s unclear whether the loan will be finalized before President-elect <a href=\"https:\/\/www.westernjournal.com\/pay-trump-sends-warning-middle-east-moves-free-hostages\/\" target=\"_blank\" rel=\"noopener\">Donald Trump<\/a> takes office on Jan. 20. On the campaign trail, Trump pledged to end funding for such projects, which he called the &ldquo;green new scam.&rdquo; A message was left Monday seeking comment from the Trump transition team.<\/p>\n<p>The Energy Department didn&rsquo;t directly answer a question about whether the loan would be funded before the inauguration, but it said it would be irresponsible for &ldquo;any government to turn its back on private sector partners, states, and communities that are benefiting from lower energy costs and new economic opportunities&rdquo; from the loans.<\/p>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"stnvideo\").remove() \t\t\t} \t\t<\/script> <\/p>\n<p>The plants would make battery cells and modules for electric vehicles to be sold in North America, the department said. At full capacity, the plants would produce enough batteries to supply about 670,000 vehicles per year.<\/p>\n<p>&ldquo;This will greatly expand <a href=\"https:\/\/www.westernjournal.com\/volvo-abandons-electric-vehicle-goal-amid-changing-market-conditions\/\" target=\"_blank\" rel=\"noopener\">EV<\/a> battery manufacturing capacity in North America and reduce America&rsquo;s reliance on adversarial foreign nations like China,&rdquo; the statement said.<\/p>\n<p>If finalized, Stellantis would get $6.85 billion in principle, plus $688 million in interest for the project.<\/p>\n<p>Late last month electric vehicle maker <a href=\"https:\/\/www.westernjournal.com\/ap-ford-to-invest-500m-in-electric-vehicle-startup-rivian\/\" target=\"_blank\" rel=\"noopener\">Rivian<\/a> Automotive got a $6.6 billion loan to build a factory in Georgia that has stalled as the startup has struggled to make a profit.<\/p>\n<p>The loan announcement comes one day after Stellantis confirmed that CEO Carlos Tavares is stepping down after nearly four years in the top spot of the carmaker that owns brands such as Jeep, Ram and Citro&euml;n and Peugeot. The world&rsquo;s fourth-largest automaker announced that its board accepted Tavares&rsquo; resignation Sunday, effective immediately, amid a continued struggle with slumping sales.<\/p>\n<p>The company says a new interim executive committee, led by Chairman John Elkann, will be established while a CEO search is underway.<\/p>\n<p style=\"font-style: italic;\">The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script> \t     \t\t\t\t\t\t     \t\t\t\t\t<\/div>\n<p style=\"border: 1px solid #f5f5f5; padding: 16px;\">Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. <a href=\"https:\/\/www.westernjournal.com\/advertise-us\/?wj_source=article\">Advertise Today<\/a>.<\/p>\n<p><script>console.log(\"ad slot (BA1)\")<\/script> \t\t<\/p>\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\"> \t\t\t\t \t\t\t\t \t\t\t\t<script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> \t\t\t<\/div>\n<div class=\"insticator-ads additional\"> \t\t\t\t \t\t\t\t \t\t\t\t<script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> \t\t\t<\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture between Stellantis and Samsung SDI has secured a commitment from the U.S. government for a loan of up to $7.54 billion to construct two electric vehicle battery plants in Kokomo, Indiana. StarPlus Energy LLC is leading the project, which is anticipated to generate at least 2,800 jobs at the facilities and additional positions at nearby parts supply companies, according to a statement from the Energy Department. The loan agreement still needs finalization; however, this commitment indicates the government&#8217;s intention to support the initiative. To qualify for funding, StarPlus must create a plan for engaging with community and labor leaders to ensure well-paying jobs while also meeting various technical, legal, environmental, and financial requirements before receiving any funds. It remains uncertain if the loan will be finalized before President-elect Donald Trump takes office on January 20; during his campaign, he promised to halt funding for such projects that he labeled as part of a &#8220;green new scam.&#8221; The Energy Department did not directly address whether funding would occur prior to inauguration but emphasized that it would be irresponsible for any government entity to disregard private sector partners benefiting from reduced energy costs and new economic opportunities stemming from these loans.<\/p>\n<p>The plants are set to produce battery cells and modules for electric vehicles intended for sale in North America. Once fully operational, they are expected to manufacture enough batteries annually for approximately 670,000 vehicles. This development aims to significantly enhance EV battery production capacity in North America while decreasing reliance on foreign nations like China.<\/p>\n<p>If finalized successfully, Stellantis could receive $6.85 billion in principal along with $688 million in interest related to this project. Recently Rivian Automotive received a $6.6 billion loan aimed at establishing a factory in Georgia; however, progress has stalled as they face profitability challenges.<\/p>\n<p>This announcement follows Stellantis&#8217;s confirmation that CEO Carlos Tavares is resigning after nearly four years due primarily to ongoing sales declines; his resignation was accepted by the board effective immediately on Sunday night. An interim executive committee led by Chairman John Elkann will oversee operations while searching for Tavares&#8217;s successor<\/p>\n","protected":false},"author":1,"featured_media":2375713,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/12\/9efd174d0a2f49a88edafd8085071313-scaled.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[46024,3620,34402,46023,46022],"class_list":["post-2375712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-7-billion","tag-biden","tag-economic-policy","tag-ev-batteries","tag-taxpayer-spending"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/12\/9efd174d0a2f49a88edafd8085071313-scaled.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2375712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2375712"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2375712\/revisions"}],"predecessor-version":[{"id":2375716,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2375712\/revisions\/2375716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2375713"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2375712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2375712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2375712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}