United Auto Workers (UAW) Assistant Legislative Director Desiree Hoffman joined the America’s WorkForce Union Podcast and discussed provisions in the Inflation Reduction Act to boost funding for the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.
The ATVM provides debt funding to the U.S. auto industry for research and development so U.S. manufactured vehicles meet higher mileage requirements and lessen U.S. dependence on foreign oil.
Greener vehicles are the future, and other countries are actively preparing for this technology, Hoffman said. This new funding will help ensure the U.S. does not fall behind, she explained.
The Inflation Reduction Act also provides $2 billion in funds for Domestic Conversion Grants to retool existing auto manufacturing facilities to increase the domestic production of hybrids, plug-in hybrids, electric vehicles and hydrogen fuel cell vehicles, Hoffman said.
Listen to the entire episode to learn more about how the Inflation Reduction Act would benefit the automotive industry.