GM’s battery joint venture receives $2.5 billion.
EV startups have also requested loans but to no avail; the program has basically been dormant since 2010.
The ATVM program was created by Congress under the administration of former President George W. Bush, allocating $25 billion “to provide low-cost debt capital for fuel-efficient vehicle and eligible component manufacturing in the United States.” Notably, the ATVM program went dark around the same time that Republicans were ramping up their criticism of former President Barack Obama and his administration for its handling of another Department of Energy loan to Solyndra, a clean energy company that later went bankrupt. Ironically, Tesla wasby then-presidential candidate Mitt Romney, who compared the company to Solyndra. Tesla CEO Elon Musk now says he plans on voting for Republican candidates in the next election.
But in ensuing years, Democrats have lost their trepidation over handing out government-backed loans to clean energy companies. President Joe Biden secured $5 billion for electric vehicle charging as part of his bipartisan infrastructure plan, much of which will be paid out in loans to EV charging companies .
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