Last year, the US Congress passed the Inflation Reduction Act, which directs nearly $400 billion in federal funding toward clean energy, via tax incentives, grants, and loans, as per McKinsey. Furthering its electrification efforts, the Biden administration has announced another $15.5 billion for retrofitting existing factories and rehiring workers.

The package includes $2B in grants and up to $10B in loans for repurposing ICE plants, the US Department of Energy (DOE) said on August 31, 2023. There's also a "Notice of Intent" to make an additional $3.5B available for expanding the nation's grid and boosting local battery manufacturing.

The administration appears to be targeting established automakers, who are struggling to turn profits with EV sales.