General Motors Co GM CEO Mary Barry and Ford Motor Co F CEO Jim Farley are among key automotive and tech executives who will meet President Joe Biden at a White House meeting on Wednesday to discuss his signature $1.75 trillion Build Back Better (BBB) legislation, Reuters reported.
What Happened: Biden is expected to meet CEOs to discuss the ways the BBB legislation would help the U.S. economy in terms of competitiveness, worker productivity, lower inflation over the long-term, and improvements in business growth.
Key executives from Microsoft Corp MSFT, Salesforce.com Inc CRM, Etsy Inc ETSY are among those who will take part.
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.
Why It Matters: 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 GM as well as Tesla Inc TSLA eligible for tax credits after the companies hit the 200,000-vehicle cap on the existing $7,500 credit.
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.
Photo: Courtesy of Gage Skidmore via Wikimedia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
