IRA funds.

Bloomberg reports on the timing of the U.S. government's release of $12 billion in loans and grants to retrofit existing auto plants to make hybrid, electric and hydrogen-fueled vehicles.

U.S. automakers and unions are in the midst of negotiating wages, though U.S. Energy Secretary Jennifer Granholm told reporters the fund’s release wasn’t coincidental.

Amena H. Saiyid

Washington D.C. Correspondent