October 2, 2023

Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM) – Ford CEO Jim Farley Bats For Joe Biden’s EV Incentives

Ford Motor Inc (NYSE: F) CEO Jim Farley on Wednesday said he supports President Joe Biden’s signature $1.75 trillion Build Back Better (BBB) legislation and hopes that the government can find a “path forward” to make it happen.

What Happen: Farley shared his view on the microblogging site Twitter after a meeting with Biden at the White House along with other industry leaders to discuss how the BBB legislation would help the U.S. economy.

“I appreciated the opportunity to meet with President Biden to discuss the importance of strong consumer EV incentives today. I’m hopeful that our government can find a path forward to make them happen,” Farley said.

Farley, who has been ramping up efforts at Ford to make the switch to electric vehicles since taking over as CEO in Oct. 2020, said the private sector alone cannot achieve the milestones to “transition quickly to a zero-emissions transportation future.”

See Also: Ford, GM CEOs Among Those Invited By Biden To Discuss $1.75T ‘Build Back Better’ Legislation On Wednesday

Biden aims to dramatically increase the electric vehicle adoption in the U.S. and has vowed to make 50% of all vehicle “zero-emissions” by 2030 in the country.

Why It Matters: Biden had in December made a push to win passage in Congress for a bill that would set aside billions of dollars to tackle climate change and boost electric vehicles among other key spending.

The proposal is expected to raise the electric vehicle subsidy to $12,500 from $7,500 for union-made U.S. vehicles. It will also create a credit of up to $4,000 for used vehicles.

The bill is expected to make Ford, General Motors Co (NYSE: GM) as well as Tesla Inc (NASDAQ: TSLA) eligible for tax credits after the companies hit the 200,000-vehicle cap on the existing $7,500 credit.

Farley had in November said Ford aims to produce 600,000 electric vehicles a year by the end of 2023, twice its original plan.

Price Action: Ford shares closed 0.35% lower at $19.9 a share on Wednesday.

See Also: Ford CEO Jim Farley Says Automaker Will Double EV Production By 2023, Aims To Become Largest Electric Player Soon

Photo: Courtesy of Ford

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