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 production, the StarPlus Energy joint venture is expected to produce 67 GWh of batteries per year, capable of supporting approximately 670,000 vehicles. This production marks significant progress in meeting national and global demand for sustainable energy solutions.

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