DOE Greenlights $7.54B for Indiana's EV Battery Boom

The Department of Energy is set to loan $7.54 billion to Stellantis and Samsung SDI for two Kokomo, Indiana EV battery plants, creating over 2,800 jobs. Slated to produce batteries for roughly 670,000 vehicles annually, the first plant kicks off in early 2025 with the second following in 2027. Conditional on a Community Benefits Plan, this initiative aims to turbocharge domestic battery manufacturing and curb reliance on foreign suppliers. Fingers crossed the loan gets finalized before the next political pit stop!