Biden-Harris Administration Announces $3.5B To Strengthen Domestic Battery Manufacturing
Portfolio Pulse from Benzinga Newsdesk
The Biden-Harris Administration has announced a $3.5 billion investment to bolster domestic battery manufacturing. This initiative is part of the Bipartisan Infrastructure Law and aims to enhance the supply chain for electric vehicles (EVs) and energy storage. The funding will be allocated to build and expand facilities that produce batteries and components, as well as for recycling old batteries. This move is expected to reduce reliance on foreign supply chains and create jobs in the United States.
November 15, 2023 | 3:59 pm
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POSITIVE IMPACT
The $3.5 billion investment in domestic battery manufacturing could have a positive impact on the broader market, as reflected by SPY, by potentially increasing jobs and reducing supply chain risks for the EV and energy storage sectors.
While SPY is not directly involved in battery manufacturing, it represents a broad range of sectors, including those that will benefit from this investment. The initiative could lead to job creation and supply chain improvements, which are positive indicators for the market. However, the impact on SPY will be diluted given its wide exposure.
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