August 2, 2024: The US administration announced in early July it was to provide $1.7 billion in funding to convert 11 vehicle assembly and production plants supporting domestic EV production. This automatically provides a fillip in market demand for lithium battery providers — most of which are outside of the US — across the complete value chain. LFP chemistry will be the dominant technology deployed.

The plants, located across eight states, are either closed or at risk of closure. “This funding aims to ensure the US’ manufacturing automotive industry remains competitive on an increasingly challenging world stage,” said a government statement.

Awardees of the funding include GM, Stellantis, Volvo, Blue Bird, Harley Davidson, Cummins, and ZF, with facilities spread across Michigan, Ohio, Pennsylvania, Georgia, Illinois, Indiana, Maryland, and Virginia.

GM is set to receive $500 million and Stellantis $580 million. For GM it will fund the conversion of its facility in Lancing, Michigan for EV production. Stellantis will convert two facilities — one in Belvidere, Illinois for EV production, the other in Kokomo, Indiana for the production of electric drivetrains.