CNN —
The White House on Thursday said it would hand out $1.7 billion to help convert closed-down or at-risk auto manufacturing and assembly facilities to make electric and hybrid vehicles.
The funding comes as growth in new electric vehicle sales has slowed, even as the Biden administration wants to keep US EV manufacturers competitive with a surging Chinese industry. Just earlier this year President Joe Biden quadrupled tariffs on electric vehicles from China.
“This announcement is a hallmark of the Biden administration’s industrial strategy, which is a strategy to bring manufacturing jobs back to
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