U.S. Department of Energy proposes $7.54 billion in loans for electric vehicles
The U.S. Department of Energy announced a proposal to provide up to $7.54 billion in loans to a joint venture between automakers Stellantis and Samsung SDI. According to Reuters, the move is aimed at promoting the construction of two lithium-ion battery factories in Indiana. This major investment highlights the growing demand and emphasis on electric vehicle (EV) infrastructure, particularly in the development of lithium-ion batteries. According to IndexBox data, U.S. lithium-ion battery exports were worth $3.3 billion in 2023, while imports significantly exceeded this amount, reaching $18.6 billion. Lithium-ion battery trade dynamics Regarding trading partners, the United States exports the most to Canada ($841.7 million), followed by Mexico ($634.6 million), Australia ($546.4 million), the Netherlands ($202.4 million) and the United Kingdom ($191.7 million). In terms of imports, the bulk came from China, which amounted to a staggering $13.1 billion, along with South Korea ($1.5 billion), Japan ($1.1 billion), Hungary ($811.5 million) and Poland ($736.9 million). Once the factory reaches full…
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