Energy Secretary Granholm Says U.S. Making $3.5B Available For Domestic Battery Manufacturing; U.S. Making Up To $12B Available For Automakers And Suppliers To Retrofit Facilities To Produce EVs
Portfolio Pulse from Happy Mohamed
Energy Secretary Jennifer Granholm announced that the U.S. is making $3.5 billion available for domestic battery manufacturing and up to $12 billion for automakers and suppliers to retrofit facilities to produce electric vehicles (EVs).
August 31, 2023 | 3:22 pm
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POSITIVE IMPACT
QuantumScape could benefit from the U.S. government's funding for domestic battery manufacturing.
As a leading player in the battery manufacturing industry, QuantumScape is likely to benefit from the government's funding. This could lead to increased production, potentially boosting the company's revenues and stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
The S&P 500 ETF (SPY) could see a positive impact due to the potential growth in the EV and battery manufacturing sectors.
The S&P 500 ETF includes companies from the EV and battery manufacturing sectors. The government's funding could stimulate growth in these sectors, potentially boosting the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Tesla could benefit from the U.S. government's funding for automakers to retrofit facilities to produce EVs.
As a leading EV manufacturer, Tesla is likely to benefit from the government's funding. This could lead to increased production, potentially boosting the company's revenues and stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90