Biden might invoke a Cold War-era act to boost domestic EV battery production
The 1950 Defense Production Act could strike again
Story byIoanna Lykiardopoulou
Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainabili(show all)Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainability, green tech, AI, and EU policy. With a background in the humanities, she has a soft spot for social impact-enabling technologies.
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What could the DPA do?
The move would open up federal funds for US mining companies that produce the materials — estimated at $750 million.
Instead of loans or direct purchases for minerals, the funds would target feasibility studies, production at existing operations, or new advancements to improve productivity or safety.
The draft of the executive order currently remains in a “pre-decisional phase,” awaiting for Congress approval.
If the act is passed, it’ll signal Biden’s most aggressive step to shift the country towards electric vehicles, followed bythe infrastructure bill’s $174 billion investment in EVs, and the target for zero-emission vehiclesto reach 50% in nationwide sales by 2030.
