The climate bill President Biden signed into law yesterday will open up tens of billions of dollars in subsidies for high-tech electric vehicle plants across the South and the Midwest, Joann Muller reports.

Why it matters: The package is a big down payment on addressing climate change and moving toward energy independence as the U.S. races to build a domestic supply chain for batteries and other critical materials.

It could also be a major economic jolt for a large swath of the country some are calling the Battery Belt, where lots of EV-related factories and facilities are being built…

Between the lines: In essence, the U.S. has shifted the incentives for EV adoption from consumers to manufacturers — instead of making electrics cheaper for car buyers, the new law rewards carmakers for building EVs with U.S.-made batteries.