US to spend more than US$3 billion on EV battery manufacturing: White House

WASHINGTON: The Biden administration will allocate more than US$3 billion in infrastructure funding to finance electric vehicle battery manufacturing, US officials said on Monday .

Biden wants half of vehicles sold to be electric by 2030, a goal he hopes will boost unionized manufacturing jobs in key election battleground states, thwart Chinese competition in a fast-growing market and reduce climate-changing carbon emissions. "As we face this Putin price hike on oil and gas, it's also important to note that electric vehicles will be cheaper over the long haul for American families," Mitch Landrieu, the White House infrastructure coordinator, told reporters in a briefing, referring to Russian President Vladimir Putin.

The administration has been collaborating with manufacturers including Tesla Chief Executive Officer Elon Musk, General Motors CEO Mary Barra and Ford Motor CEO Jim Farley.

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