A Lion electric school bus is seen on display in Austin, Texas, Feb. 22, 2023. The Transportation Department is awarding almost $1.7 billion in grants for buying zero and low emission buses, with the money going to transit projects in 46 states and territories. The grants will enable transit agencies and state and local governments to buy 1,700 U.S.-built buses, nearly half of which will have zero carbon emissions. (AP Photo/Eric Gay, File)
By Josh Boak
The U.S. Department of Transportation is awarding almost $1.7 billion in grants for buying zero- and low-emission buses, with the money going to transit projects in 46 states and territories.
The grants will enable transit agencies and state and local governments to buy 1,700 U.S.-built buses, nearly half of which will have zero carbon emissions. Funding for the grants comes from the 2021 bipartisan infrastructure bill signed into law by President Joe Biden. The Democratic president has made it a priority to put more electric vehicles on the road — especially for schools and public transit — in an effort to contain the damage from climate change.
“Every day, millions of Americans climb aboard over 60,000 buses to get to work, to school, doctor’s appointments, everywhere they need to be,” Transportation Secretary Pete Buttigieg said in a call with reporters. “These are unprecedented levels of investment when it comes to putting modern cleaner buses on the road.”
Monday's announcement covers the second round of grants for buses and supporting infrastructure. All told, the U.S. has invested a total of $3.3 billion in the projects so far. Government officials expect to award roughly $5 billion more over the next three years.
The Biden administration said that the new buses will improve public health as diesel exhaust will no longer be going into the air and that the new buses will be easier to maintain.
The government received 475 project proposals for the grants that totaled roughly $8.7 billion, a sign of the demand for the funding.
The Seattle area will be getting $33.5 million to purchase 30 electric battery buses and chargers. The Washington, D.C., transit authority will use $104 million to make a bus garage an electric facility and buy roughly 100 electric battery buses. But money also is going outside of major U.S. cities, with Iowa City, Iowa, and the Seneca Nation in Western New York also receiving grants.
U.S. stocks closed Thursday at their lowest levels of the trading day, as investors continue to eye inflation ahead of the May CPI report out Friday. Art Hogan, Chief Market Strategist for National Holdings, joins Cheddar News' Closing Bell to discuss.
U.S. markets opened sharply lower on Friday on hotter-than-expected inflation data. The May CPI showed an 8.6% jump in consumer prices year-over-year, higher the expected 8.3%. Mark Howard, Senior Multi-Asset Specialist at BNP Paribas joined Cheddar's Opening Bell to discuss.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
The electric vehicle maker filed a proposal for a three-for-one stock split, increasing the accessibility of shares for investors for a stock trading at around $700 a share. The move comes not long after tech giant Amazon announced a 20-for-one split. The number of authorized shares rises from two billion to six billion. It was also revealed that board member Larry Ellison does not intend to stand for reelection as it pertains to Tesla.
President Biden proposed a new rule that would add 500,000 chargers for electric vehicles nationwide. The proposal comes amid the rapid shift to EVs with dozens of automakers announcing plans for all-electric fleets within the next decade. But with the new surge will the U.S. have the proper infrastructure to keep up? Scott Painter, founder and CEO of Autonomy.com joined Cheddar's Opening Bell to discuss. "I really think the idea of standardization is a big deal. Standardization certainly makes it much better for everybody to be able to get a charge when they need one," he said.
