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- Toyota Motor Corp (NYSE:TM) and Honda Motor Co Ltd (NYSE:HMC) urged Congress to scrap a bill that would expand tax incentives for union-made electric vehicles built in the U.S., TechCrunch reports.
- The bill would expand the federal tax incentives from $7,500 to $12,500 for union and domestically manufactured cars. Vehicles with batteries manufactured in the U.S. would be eligible for an additional $500.
- The bill embraced General Motors Co (NYSE:GM), Ford Motor Co (NYSE:F), and Stellantis NV (NYSE:STLA) with workforces represented by the United Auto Workers union and excluded Toyota, Honda, and Tesla Inc (NASDAQ:TSLA) from the expanded credit.
- Toyota alleged the bill of discriminating against American autoworkers based on their choice not to unionize and favored the rich.
- Tesla CEO Elon Musk alleged that Ford/UAW lobbyists charted the bill and questioned its relevance to American taxpayers.
- Price Action: F shares closed lower by 0.96% at $12.86 on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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