As automakers from General Motors to Volkswagen bet big on an electric future, fears are rising about whether the world's supply of batteries can keep up.
The deal means both companies will be able to produce lithium-ion batteries for electric vehicles at a time when President Biden hopes to boost support for the industry as part of his climate plan.
In an interview with NPR's Morning Edition, Transportation Secretary Pete Buttigieg said the plan is "fully paid for" and that not making the investment is a "threat to American competitiveness."
Volkswagen of America will not, in fact, be renaming itself "Voltswagen of America." A statement to that effect was a joke "in the spirit of April Fool's Day," the company said.