The Biden administration announced on Thursday that it will allocate $1.7 billion to help automakers complete factory renovations and expansions, thereby promoting the development of the electric vehicle industry in the United States. US Energy Secretary Jennifer Granholm stated at a press conference that this policy is a hallmark of the Biden administration's industrial strategy, which aims to promote the development of domestic manufacturing, attract or encourage companies to relocate their production lines back to the United States, thereby creating employment opportunities and promoting economic growth.