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White House to host GM, Ford among CEOs at meeting on spending push

01/25/2022 | 04:42pm EDT
White House Press Secretary Jen Psaki holds a press briefing at the White House

WASHINGTON (Reuters) -The White House plans to host the chief executives of major U.S. companies including auto and tech sector firms on Wednesday to discuss President Joe Biden's signature $1.75 trillion Build Back Better legislation.

General Motors CEO Mary Barra, Ford Motor CEO Jim Farley, Salesforce co-CEO Marc Benioff, Microsoft President Brad Smith, Etsy CEO Josh Silverman, Siemens Corp CEO Barbara Humpton and Corning CEO Wendell Weeks are among those who will take part.

A White House official said Biden "will meet with CEOs who support passing Build Back Better to discuss the ways his (BBB) agenda will make the U.S. economy more competitive, increase worker productivity and workforce participation, lower inflation over the long-term, and strengthen business growth."

Biden made a push in December to win passage in Congress of the spending bill that would provide billions of dollars to tackle climate change and boost electric vehicles along with money for universal preschool, paid family leave and other social safety spending.

Biden on Tuesday touted GM's announcement of a new $7 billion investment in Michigan, adding 4,000 jobs and boosting electric vehicle and battery manufacturing.

Biden's proposal would increase the current $7,500 EV tax credit to up to $12,500 for union-made U.S. vehicles as well as creating a credit of up to $4,000 for used vehicles. The bill would also again make GM and Tesla Inc eligible for tax credits after they hit the 200,000-vehicle cap on the existing $7,500 credit.

The $4,500 union EV credit has come under heavy criticism from foreign automakers like Toyota.

The bill also includes a 30% credit for commercial electric vehicles. Build Back Better would also allocate $3.5 billion for converting U.S. factories for production of electrified or fuel cell vehicles and revive incentives that could generate $3.7 billion for automotive communities by 2031.

Auto manufacturers could also benefit from $3 billion allocated to a Department of Energy Advanced Technology Vehicles Manufacturing Loan Program.

Biden wants 50% of new U.S. vehicles to be electric or plug-in electric hybrid by 2030.

(Reporting by David Shepardson; Editing by Chris Reese, Mark Porter and Bernard Orr)

By David Shepardson

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CORNING INCORPORATED 4.51% 35.22 Delayed Quote.-5.40%
FORD MOTOR COMPANY 3.23% 13.12 Delayed Quote.-36.83%
INTUIT INC. 4.63% 406.42 Delayed Quote.-36.81%
MICROSOFT CORPORATION 1.29% 265.9 Delayed Quote.-20.94%
SIEMENS AG 3.22% 118.52 Delayed Quote.-22.37%
TESLA, INC. 7.43% 707.73 Delayed Quote.-37.66%
TOYOTA INDUSTRIES CORPORATION 1.86% 8210 Delayed Quote.-12.19%
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