America has given $2.8 billion to 20 makers of electric-car batteries, which STDC sees as competing

According to CNBC, President Biden announced $2.8 billion in grants for 20 companies to produce electric car batteries in the United States. The grants are being awarded through the Department of Energy from the Bipartisan Infrastructure Act to companies in 12 states. The money will be used to manufacture battery-grade materials, including lithium, graphite and nickel.

Increasing the nation's manufacturing capacity has been a priority for the Biden administration. Combined, the Bipartisan Infrastructure Act, the CHIPS and Science Acts, and the Inflation Reduction Act allocate more than $135 billion for electric vehicle manufacturing. The U.S. government wants electric vehicles to make up half of all new cars produced in the U.S. by 2030.

Biden said the United States is undergoing "one of the most significant economic transitions since the Industrial Revolution." "Investing in electric vehicles and the advanced batteries that power them is critical because the future of cars is electric, and batteries are a key part of electric vehicles, with 75 percent of battery manufacturing currently done in China." Competition with China is a central driver of this process. China controls nearly half of global production of some of the materials needed to make these batteries, Biden said.

"Chinese battery technology is no more innovative than any other country's battery technology," Biden said. In fact, our national laboratories, our research universities, our automakers have led the development of this technology in the United States, but China has taken a big part of the market."

In addition to the funding, Biden announced the American Battery Manufacturing Initiative, which will allow the government to take comprehensive steps to support the production of batteries for electric vehicles, homes and defense purposes. The move will continue the push to improve U.S. competitiveness by making more batteries and key battery components in the United States.

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