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U.S. government pledges $3 billion to EV power

In case you had doubts about the 'EV wave', well, this might whisk them away. Or make you more angry.

The U.S. government will allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing, U.S. officials said May 2.

The funds will be allocated by the Department of Energy from the $1 trillion infrastructure bill signed last year. Among the initiatives will be processing of minerals for use in large-capacity batteries and recycling those batteries, the agency said in a statement.

A goal of half of vehicles sold in the U.S. being electric by 2030, set by the current administration, aims to boost unionized manufacturing jobs in key election battleground states, thwart Chinese competition in a fast-growing market, and reduce climate-changing carbon emissions.

The administration is also positioning the measures as a step to secure energy independence and cut long-term inflation pressures exacerbated by Russia's Feb. 24 invasion of Ukraine.

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