Monroe CEO Ted Koenig highlighted the Drive Forward Fund as a vital tool for catalyzing growth and innovation within America's automotive supply chain, emphasizing the need for small to medium-sized suppliers to access financial resources in order to transition from gasoline-powered to electric vehicles.
The Drive Forward Fund is designed to support auto parts suppliers by providing low-cost loans, aiding them in refinancing and diversifying their businesses to meet the rising demands of electric vehicle production.
Bozzella stated that a successful transformation of the EV market in the United States depends on a robust automotive supply chain, which is essential for maintaining competitiveness and securing economic and national interests in the face of global challenges.
The initiative emphasizes the urgency of strengthening the American auto supply chain as the EV industry evolves, with a focus on countering China's growing dominance in this emerging market and advocating for protective tariffs on imports.
#ev-transition #drive-forward-fund #automotive-supply-chain #biden-administration #small-business-support
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