Automakers set to benefit from Biden’s latest EV initiative

The Biden administration is investing $1.7 billion to help expand electric vehicle production in eight states.
Transcript:
CONWAY GITTENS: Here’s what we’re watching on TheStreet today.
Wall Street is reacting to the latest inflation data. Consumer prices surprisingly dropped 0.1 percent in June from the previous month, which means the 12-month rate now sits at 3%, the smallest rate of inflation in a year. This report could help the case for interest rate cuts later this year, as inflation moves closer to the Federal Reserve’s 2% target.
In other news - the Biden Administration is investing $1.7 billion to help create more hybrid and electric vehicles in the U.S. The White House says the money will be given out as grants to convert closed down or at-risk manufacturing and assembly locations to make more energy-friendly vehicles.
President Biden said in a statement “This investment will create thousands of good-paying, union manufacturing jobs and retain even more-from Lansing, Michigan to Fort Valley, Georgia - by helping auto companies retool, reboot, and rehire in the same factories and communities.”
The new plan is predicted to create roughly 2,900 new jobs, as well as save 15,000 jobs that would have been eliminated had the facilities been shut down. Automakers like General Motors, Fiat Chrysler and Harley Davidson are slated to receive a portion of the funding, as are suppliers like American Auto Parts.
The project involves 11 facilities across eight states.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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Maybe it's time to start betting on the weather again? Crooks!