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Michigan board approves $400 million to advance EV batteries

KION

By JOEY CAPPELLETTI
Associated Press/Report for America

LANSING, Mich. (AP) — The Michigan Economic Development Corporation has approved $400 million in incentives for two electric vehicle battery factories. The plants will cost an estimated $4 billion and bring 4,500 jobs to the state. Now lawmakers must approve the incentives that would come from a fund Michigan created to help land major business expansions. Energy-storage company Our Next Energy plans its $1.6 billion factory in a township outside Detroit. The Chinese manufacturer Gotion plans a $2.4 billion plant in Big Rapids in northern Michigan. President Joe Biden’s Inflation Reduction Act requires batteries to be made in the USA for electric vehicles to qualify for a federal tax credit of up to $7,500.

Article Topic Follows: AP National Business

Associated Press

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