Vice President Kamala Harris is set to announce significant funding for auto suppliers during her visit to Detroit, showcasing the Biden administration’s commitment to revitalizing the automotive industry.

New Funding Initiatives

The White House revealed that the funding package includes:

• $50 Million for Automotive Conversion: Through the Department of Energy’s Automotive Conversion Grant program, small and medium-sized suppliers will receive support to transition from producing parts for internal combustion engine vehicles to contributing to the EV supply chain.
• $50 Million for Productivity Enhancement: The Department of Energy’s Industrial Assessments Center Implementation Grants Program will allocate $50 million to assist auto suppliers in boosting their productivity.
• Government-Backed Loans Matching Program: Harris is expected to introduce a new initiative aimed at matching government-backed loans with significant private equity capital, providing additional financial resources to the industry.

Economic Opportunity Tour

Harris’s visit to Detroit marks the continuation of the Biden-Harris Economic Opportunity Tour, where she advocates for policies designed to stimulate economic growth and create job opportunities across the nation. This visit to Michigan follows her previous stops in other states.

Promoting Biden-Harris Policies

Throughout her tour, Vice President Harris has emphasized the administration’s focus on revitalizing key sectors of the economy, including the automotive industry. By investing in auto suppliers and supporting their transition to electric vehicle manufacturing, the administration aims to foster innovation, job creation, and sustainability.

Conclusion: Driving Economic Recovery

Vice President Harris’s announcement of new funding for auto suppliers in Detroit underscores the administration’s commitment to strengthening the nation’s manufacturing base and advancing clean energy initiatives. As the automotive industry undergoes a transformative shift towards electric vehicles, these investments are poised to drive economic recovery and promote sustainable growth.

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