The White House is trying to get the Russian auto market back online by bringing a $600-million salvage deal to a close.
The White House on Thursday finalized a deal to acquire a Russian auto company and a group of companies to build the country’s first electric vehicle.
The deal would bring the two companies together for the first time in over a decade to bring to market a small number of plug-in electric vehicles, or EVs, and provide financing for the rest of the project.
The two companies would be the first U.S. automakers to make an electric vehicle, but President Donald Trump has said he would like to see Tesla, a rival, make one before 2020.
Trump is set to unveil his first-term agenda later this week.
He has signaled a preference for an infrastructure plan, but has yet to say what the plan would be.
The administration is expected to unveil a final plan sometime this month.
The Trump administration is still working to finalize the financing, and the administration had to obtain U.N. approval for the deal because Russia’s state-owned bank, VTB, is barred from making loans to the U.