UK firms could gain access to US green funding as part of plans to boost UK and US ties announced by Rishi Sunak and Joe Biden.
The pair unveiled the Atlantic Declaration, to strengthen economic ties between the two countries, at a White House press conference.
The PM said the agreement, which falls short of a full trade deal would bring benefits "as quickly as possible".
UK electric car firms may get access to US green tax credits and subsidies.
As the pair unveiled their partnership to bolster economic security, Mr Sunak said the UK-US relationship was an "indispensable alliance".
The Atlantic Declaration, includes commitments on easing trade barriers, closer defence industry ties and a data protection deal and steps up co-operation on AI.
Asked by BBC Political Editor Chris Mason whether the new deal was an "acknowledgement of the failure" to strike a broader trade agreement between the UK and US, Mr Sunak said today's deal "responds to particular challenges and opportunities we face right now".
A UK-US free trade agreement was a key pledge in the Conservative Party's 2019 general election manifesto.
Mr Sunak insisted the more targeted approach of the declaration was about "what can do the most benefit to our citizens as quickly as possible".
"Be in no doubt, the economic relationship between our two countries has never been stronger," Mr Sunak said.
Plans for a full free trade agreement were abandoned months ago. On the plane ride over to Washington Mr Sunak said: "For a while now, that has not been a priority for either the US or UK."
However, Labour's shadow foreign secretary David Lammy criticised Mr Sunak, saying the government has left "Britain's cupboards bare" by not securing a trade deal.
"This statement shows the government has failed to deliver the comprehensive trade deal they promised in the 2019 manifesto, or to secure the ally status under the Inflation Reduction Act that is so important for the automotive sector and for the green transition," Mr Lammy said.
Mr Biden said the special relationship with the UK was in "real good shape", referring to their co-operation on Ukraine.
"Together we are providing economic and humanitarian aid and security systems to Ukraine in their fight against a brutal invasion from Russia," he said.
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