Sweden no longer a torch-bearer for economic equality?

I'm David Brancaccio.

First of the Biden administration is announcing $100 million to help small and medium sized companies and

their workers with the transition from internal combustion to electric vehicles.

Vice President Kamala Harris will make the announcement today in Michigan a swing state in this year's presidential election.

Marketplace is Nancy Marshall Ganser has more.

The White House says half the roughly $100 million will go to the Energy Department's Automotive

Conversion Grants Program. It helps small and mid-sized businesses convert

from making internal combustion engine components to manufacturing parts for electric vehicles.

The other half of the money is earmarked for another energy department program that provides

grants of up to $300,000 for improving things like energy efficiency and cybersecurity.

Vice President Harris is also expected to announce new initiatives from the Small Business

Administration to facilitate private investment in the E.V EV supply chain for small and

mid-sized manufacturers and provide more lines of credit. The transition to

EV manufacturing is a big political issue in Michigan.

The Vice President will be joined in Detroit by Michigan Governor Gretchen

Whitmer, Secretary of Energy Jennifer Granholm, and Acting Secretary of Labor Julie

Sue. President Biden was in Saginaw County,

Michigan in March and former President Trump held a rally there earlier this month.

I'm Nancy Marshall Genser for Marketplace.

The bond market remains chipper this morning after a not too hot, not too Tepa jobs report on Friday.

The 10-year interest rate is now below 4.5% the lowest in a month on betting

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