US Backs $7B EV Battery Plants Amid Ramaswamy's DOGE Remarks

Vivek Ramaswamy, a tech billionaire, has vowed to scrutinize federal loans given to electric vehicle manufacturers other than Tesla, under the Inflation Reduction Act. This comes as the U.S. Department of Energy announced a $7 billion loan to Indiana-based battery plants and a $6 billion commitment to Rivian in Georgia. Ramaswamy's stance aligns with Elon Musk's criticism of federal aid to his EV competitors. However, a Goldman Sachs survey suggests skepticism about the effectiveness of Ramaswamy's efforts, with many investors doubting significant spending cuts will be achieved.