The Energy Department said it will fund $12 billion in loans and grants to support the auto industry's transition to electric vehicles.

<div class="block">The Energy Department said it will fund $12 billion in loans and grants to support the auto industry&#39;s transition to electric vehicles.</div>

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Energy Department to Fund $12B in EV Loans and Grants

The Department of Energy says it will fund $12 billion in loans and grants to support the auto industry's transition to electric vehicles. The $2 billion in grants and $10 billion in loans will help auto makers and suppliers convert their facilities into manufacturing centers. The department says it will also invest $3.5 billion to increase advanced battery production to move towards cleaner energy sources.