DOE will spend billions on electric vehicle R&D in jobs fight with China
March 10, 2021 - President Joe Biden's administration is aggressively pursuing transportation electrification not just because of its potential to curb greenhouse gas emissions and address climate change, but also to prevent China from cornering a bourgeoning $23 trillion market in carbon-reducing technologies, Secretary of Energy Jennifer Granholm said Tuesday.
The U.S. Department of Energy plans to "double down" on research and development through its loan programs office, in order to make electric vehicles (EVs) easier to produce and deploy, Granholm said at a virtual event hosted by Securing America's Future Energy (SAFE).
"DOE is going to invest billions of dollars over the next few years in the technologies that are going to make the EV future a reality," Granholm said. "To reduce costs, and reliance on China."
China has largely cornered the battery manufacturing market, Granholm said, making DOE's commitment to EVs as much about economic growth and national security as it is about cleaner air.
SAFE has estimated China controls nearly 70% of global EV battery manufacturing capacity, and North America has less than 10%. The group advocates for emissions-free transportation policies, and has published research showing the United States could create 647,000 jobs within the next five years by aggressively growing the EV market and securing the electric transportation supply chain.