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The Biden administration on Monday announced a new $3.1 billion plan to ramp up electric vehicle battery production in the U.S. The effort comes as supply constraints have hindered automakers’ ability to secure EV battery components—potentially slowing down the administration’s goal of having zero-emission cars make up 50% of automotive market share by 2030.

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U.S. Treasury Secretary Steven Mnuchin said Wednesday it is unlikely Congress and the White House will agree on a new stimulus package before the Nov. 3 election.

"At this point, getting something done before the election and executing on that will be difficult," Mnuchin said, speaking via video at a morning session at the Milken Global Conference.

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