The Energy Department on Monday approved a $7.5 billion conditional loan to boost Stellantis, maker of brands such as Ram, Dodge and Jeep, as it plans to build two electric vehicle battery plants.
Several big leadership transitions make the fate of the loan uncertain: The Biden administration, which spearheaded the loan, is on its way out the door, and on Sunday, Stellantis’ CEO Carlos Tavares resigned. The ultimate fate of the loan likely fall in the hands of President-elect Donald Trump, who campaigned on plans to roll back support for EVs.
The loan comes on the heels of another blockbuster loan last week to Rivian Automotive for $6.6 billion to build out a factory in Georgia that will craft electric trucks and SUVs.
The loan is not to Stellantis directly, but to StarPlus Energy, a joint venture between Stellantis and its partner in the battery project, the South Korean giant Samsung SDI.
