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Biden kicks off $3 billion plan to boost battery production for electric vehicles

CNBC · Emma Newburger · last updated

The Biden administration on Monday announced it will begin a $3.1 billion plan to boost domestic manufacturing of batteries, in a broader effort to shift the country away from gas-powered cars to electric vehicles.

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Related Knowledge Center: ENERGY BASICS: electricity

State of Play

Electricity is a secondary energy source: it is generated through the conversion of primary energy sources such as natural gas, coal, solar, hydropower, and wind. Electricity’s versatility is not cost-free: a substantial amount of energy is lost in its generation and the cost of storage is high, compared with fuels such as coal, oil and natural gas. The economics of battery technology hold the key to expanded use of renewable sources to generate electricity.

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