Ford Warns GOP Tax Reform Could Hinder EV Battery Plant Operations

Published 1 days agoF

Ford Warns GOP Tax Reform Could Hinder EV Battery Plant Operations

In recent news, Ford has voiced significant concerns about a Republican-led tax reform bill that could negatively impact their electric vehicle battery operations. The legislation seeks to revoke federal production tax credits for EV batteries developed with technology from Chinese entities like Contemporary Amperex Technology Co. Limited (CATL), according to Reuters.

Ford's new $3.5 billion investment in a battery manufacturing facility in Marshall, Michigan, is at stake. The plant plans to employ CATL's technology, and the loss of these federal tax credits could threaten the plant's financial viability. Bill Ford, the company's Executive Chair, stated that the investments were made based on anticipated government incentives, and drastic policy shifts may unfairly challenge their business strategies.

The potential policy changes have broader implications too. The GOP tax plan further proposes speeding up the expiry of tax credits and preventing manufacturing incentives for firms tied to foreign concerns, primarily targeting Chinese companies. This has raised alarms within the clean energy sector, as it risks slowing down a manufacturing boom critical for maintaining U.S. competitiveness in the expanding EV market, as reported by Reuters.

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