WASHINGTON — A Cold War-era law designed to bolster the U.S. economy in times of war will soon be used to help the country get a leg up in a global race to build electric vehicles.
President Joe Biden on Thursday announced he would add critical minerals used in electric vehicle batteries to the list of products covered by the Defense Production Act, which has most recently been used to order companies to build ventilators, N95 masks, tests and vaccines to combat the COVID-19 pandemic.
Projects to produce lithium, nickel, cobalt, graphite and manganese within the United States would be eligible to benefit from financial help with feasibility studies, production at current operations, modernizing safety standards and more.
