Biden administration seeking to finalize $6.6B loan to build EV factory before term ends

The DOE said that the initiative "supports the Biden-Harris Administration's goal that half of all new vehicles sold in 2030 be zero-emissions," an EV target likely to be tossed out by the incoming administration under President-elect Donald Trump.

If the deal is finalized, the DOE anticipates the facility in Stanton Springs North, Georgia could produce up to 400,000 mass-market electric SUVs and crossover vehicles.

However, before it is finalized, the company must satisfy certain technical, legal, environmental and financial conditions before the financing documents can be signed, according to the DOE.

This means the White House only has two months to finalize the deal before the Trump administration steps in and could derail any plans that don't align with its agenda.

"Today's announcement reinforces the Biden-Harris Administration's commitment to strengthen the nation's manufacturing competitiveness, helping ensure American businesses remain global leaders in the rapidly expanding EV industry," the DOE said in a press release announcing the project.