OAN Staff Brooke Mallory
6:23 PM – Monday, December 23, 2024
Ford Motor Co. is donating $1 million and a car to U.S. President-elect Donald Trump's inauguration in January, a company representative said Monday.
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The incoming administration's proposed tariffs and electric vehicle (EV) policies are expected to impact Detroit automakers such as Ford, which has struggled to increase sales of battery-powered EV models.
President Trump previously proposed eliminating the EV tax credit, which benefits companies like Ford. Currently, drivers who purchase or lease an electric vehicle are eligible for a $7,500 federal tax credit.
But the future of tax credits could be in question because Trump and other officials in the incoming Republican administration have characterized them as unnecessary spending in the past. However, it is possible that the tax credit may continue or be phased out, of course. Time will tell.
Meanwhile, Democratic officials like Gov. Gavin Newsom (D-Calif.) insist they will do everything in their power to fight any effort to eliminate the tax credit.
“We're not going back on a clean transportation future. We're going to make it more affordable for people to drive cars that don't pollute,” Newsom said in a statement in November.
Many believe that Elon Musk, the founder of the popular EV company Tesla and a prominent official as one of the heads of the incoming Trump administration's Department of Government Efficiency (DOGE), could influence every decision regarding EVs. is expected. But Trump has already insisted that Musk will put “America First” in all of his companies.
The first federal EV tax credit, established under President George W. Bush's American Energy Policy Act of 2005, included a tax credit of $7,500 for new cars and $4,000 for used cars. It was introduced as part of President Joe Biden's anti-inflation law. “Fighting climate change by encouraging EV sales.”
Americans who agree to eliminate the EV tax credit benefit should not care if the tax credit is stripped away because customers are already financially viable if they are wealthy enough to purchase an EV vehicle. , it claims. Critics, however, argue that the tax credit is an important and beneficial perk because it “rewards environmentally conscious people.”
Earlier this month, Ford CEO Jim Farley told reporters he was optimistic that President Trump would be open to hearing the U.S. automaker's thoughts on such measures.
“[Given] “Given Ford's employment profile and importance to the U.S. economy and manufacturing industry, you can imagine that the administration is very interested in Ford's views,” Farley said.
In terms of support, Amazon and Meta Platforms are among other large companies that have contributed financially to the incoming Republican Party. Last week, Meta and Amazon both paid $1 million in contributions to the president-elect's inaugural fund, followed by OpenAI CEO Sam Altman pledging to match the same amount.
General Motors (GM) also pledged to donate $1 million to Trump.
Trump's 2017 inauguration raised a record $106.7 million, and companies including Pfizer, AT&T and Boeing contributed $61.8 million to Democratic President Joe Biden's 2021 inaugural fund.
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