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#News Biden tucked $500million bid to build more electric vehicles into the Ukraine aid bill #Ukraine️ #Russia

REVEALED: Biden tucked $500million bid to build more electric vehicles into the Ukraine aid bill by giving more funds to search for crucial battery minerals

  • Both Biden and Ukrainian leaders had stated that the $40 billion emergency aid package deal was important for Ukraine’s battle in opposition to Russia
  • Tucked into that package deal was half a billion {dollars} to be allotted below the Defense Production Act to firms acquiring crucial battery minerals 
  • That’s as well as to the $750 million DOD was approved to dole out to mining firms when Biden first invoked DPA for crucial minerals
  • Those funds additionally build on the $7 billion in federal funding from the bipartisan infrastructure bill final yr 

President Biden has tucked one other $500 million to fund manufacturing of the minerals used to make batteries for electric vehicles into the Ukraine aid bill handed by Congress. 

Both Biden and Ukrainian leaders had stated that the $40 billion emergency aid package deal was important for Ukraine’s battle in opposition to Russia. But tucked into that package deal was not solely army aid however half a billion {dollars} to be allotted below the Defense Production Act to firms acquiring crucial battery minerals like nickel, cobalt, lithium and graphite, Bloomberg first famous. 

That’s as well as to the $750 million the Defense Department (DOD) was approved to dole out to mining firms in March when Biden first invoked the Defense Production Act for crucial minerals. 

Those funds additionally build on the $7 billion in federal funding from the bipartisan infrastructure bill final yr that firms at the moment are vying for to bankroll the refining, manufacturing and recycling of electric automobile batteries. 

The $40 billion Ukraine aid bill included $20 billion to fund direct transfers of superior weapons techniques to Ukraine, $8 billion basically financial assist, $5 billion to handle meals shortages throughout the globe and over $1 billion in assist for refugees, as well as to the $500 million for mineral manufacturing. The bill handed 86 to 11 in the Senate. 

Biden checks the new electric Ford F-150 lightning truck as he visits VDAB Ford facility in Dearborn, Michigan, U.S., May 18,

President Biden has tucked another $500 million to fund production of the minerals used to make batteries for electric cars into the Ukraine aid bill passed by Congress

President Biden has tucked one other $500 million to fund manufacturing of the minerals used to make batteries for electric vehicles into the Ukraine aid bill handed by Congress

The Pentagon has up to now solely handed over about $700 million of that package deal in army help to Ukraine. 

Biden is forging forward with subsidies for electric vehicles even with out his Build Back Better bill, which fell aside due to inflation issues. 

Build Back Better had included $320 billion for clear power, however talks petered out as inflation began to rise. Now with inflation greater than it has been in 40 years at 8.3 p.c, Biden has been taking warmth from each side for his unfastened spending insurance policies.

Biden’s objective is to have half of vehicles and vehicles on the street producing zero emissions by 2030, a objective that will have to see present EV manufacturing develop 15-fold, in accordance to DOD paperwork considered by Bloomberg. 

Manufacturers have run low on crucial minerals comparable to lithium and nickel wanted for EV batteries due to the battle in Ukraine and commerce tensions and the worth of nickel has soared about 50 p.c since final yr. Such shortages have brought about EV makers like Tesla and BYD to hike automobile costs. 

Flush with money, firms may pressure mineral costs even greater as they scramble to discover provides, tools and labor.  

And with gasoline costs up to $4.76, just below double what they have been when Biden took workplace, nonetheless electric vehicles stay out of attain for many center class households — the common buying worth of an EV in April was up to $65,000, up 16 p.c from final yr.

Sales of all-electric and hybrid-electric vehicles almost doubled in 2021, up 608,000 that yr vs. 308,000 in 2020, however quick on provide some EV makers are asking prospects to wait years to get arms on a few of their hottest fashions.

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