Top 5 Auto Stocks Gaining Ground in the Stock Market Now

As the world focuses on the Russian invasion of Ukraine, many investors continue to seek attractive offers in the stock market. To start, auto stocks could offer some intriguing opportunities. With autonomous driving becoming a key focus for many automakers, the sector could get a boost as U.S. regulators release final rules eliminating the need for manual driving controls in fully autonomous vehicles. In the past, automakers faced significant challenges in deploying fully automated driving systems due to safety standards that assumed humans would have better control. Thus, automakers in the United States can now build and deploy autonomous vehicles without human controls such as steering wheels or brake pedals.

Elsewhere, it appears that consumers could own a You’re here (NASDAQ: TSLA) for as little as $25,000 in the future. Tesla CEO Elon Musk thinks Panasonic may have created a battery that could open up that possibility. Panasonic intends to develop a larger “4680” battery for sale to US electric vehicle (EV) manufacturers. Well, the battery will have a larger volume and fewer cells while still meeting EV standards. With all that has been said and done, it should come as no surprise that these new automotive technologies will one day redefine the transportation industry. If you share the same sentiments, let’s take a look at some of the top automotive stocks from the stock Exchange today.

Automotive stocks to watch now

Ford

To start the list, we have the historic automotive company, Ford. Simply put, it designs, manufactures, markets and services a full line of Ford trucks, utility vehicles and cars. The Company also operates a Mobility segment which mainly includes the development of autonomous vehicles and related activities. It owns shares in Argo AI, a developer of self-driving systems, and Spin, a provider of micro-mobility services. Despite a rocky start to the year, the F share has still risen more than 25% over the past year.

Yesterday, Ford and PG&E Corp announced a partnership to offer “two-way” charging vehicles to their customers. This means that electrical charge can travel in both directions, allowing the EV to charge a consumer’s home or tools. The pilot program will test how the Ford F-150 Lightning can interact with the grid to support electrical reliability by providing backup power to homes. The company also says it could potentially provide electricity to the home for up to five days. Ford added that it will likely make most of its electric vehicles two-way in the future. With that in mind, would you bet on the future of the F-share?

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General Engines

Similar to Ford, General Engines is an automotive company that has been around for over a century and continues to thrive. The company specializes in trucks, crossovers, cars and auto parts worldwide. In addition to this, it also provides financing services through General Motors Financial Company Inc. With over 155,000 diverse employees worldwide, the company envisions a world free of accidents, emissions and traffic jams.

Earlier this week, General Motors and POSCO Chemical announced that they were working with the governments of Canada and Quebec to build a new plant in Bécancour, Quebec. Estimated at around $400 million, the facility will produce cathode active material for General Motors’ Ultium batteries. As a result, these batteries will power electric vehicles such as the Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ. Despite the mixed feelings around the GM stock in recent months, could this new development propel the stock to greater heights?

Toyota

Another major automotive company would be the Japanese automaker Toyota. Its Automotive segment designs, manufactures and sells a range of automotive vehicles including sedans, minivans, sport utility vehicles and trucks. Lately, Toyota has stepped up its electrification efforts. In February, there was an additional investment of $90 million for two of its manufacturing plants in the United States, in West Virginia and Tennessee. The aim is to further expand the production of electrified vehicles.

Additionally, Toyota has announced that it will provide bZ4X customers with access to the DC fast charger via EVgo (NASDAQ: EVGO). Thus, EVgo’s high-powered chargers will offer its drivers both flexibility and convenience to quickly charge in prime locations. On top of that, customers who buy or lease the vehicle will get one year of unlimited free charging at all EVgo-owned charging stations nationwide. Overall, should you be paying attention to TM stock right now?

Li-Auto

Li-Auto is a Chinese automobile manufacturer of new energy passenger vehicles (NEV). Basically, the company is engaged in the design, development, manufacture and sale of intelligent electric vehicles. Its main products are sport utility vehicles (SUVs) under its Li ONE brand. In addition, it also sells peripheral products and provides related services, such as charging stations, vehicle internet connection services and extended lifetime warranties.

As usual, Li Auto started the month by announcing its latest delivery updates. Impressively, it delivered 8,414 Li ONEs in February 2022, representing a 265.8% year-on-year increase. This brings Li ONE’s cumulative shipments to 144,770 since its market debut. That said, investors can expect a better month-over-month improvement in its March shipments, as February numbers are lower due to the Lunar New Year holiday. With that in mind, do you think LI stock could regain momentum soon?

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Xpeng

Just like Li Auto, Xpeng is a rising star in China’s electric vehicle industry. For the uninitiated, its main products are environmentally friendly vehicles. The company’s main targets are the mid- to high-end segment of the Chinese passenger vehicle market. At present, the company has 3 electric vehicles in the market, namely the G3 SUV, the P7 sedan and the latest P5 sedan. Investors should also note that Xpeng performed a technology upgrade at its Zhaoqing factory during the Lunar New Year holiday in February. Thus, taking advantage of the downtime during the holiday season.

Xpeng isn’t resting on its laurels either. It recently announced that it had started taking pre-orders for its P5 electric sedan in four European countries. For now, the countries are Denmark, the Netherlands, Norway and Sweden. The European version will be equipped with Xpilot 2.5, the company’s advanced driver assistance system. This software system will have standalone functionality to some extent but will still require a driver. All things considered, would you say XPEV stock is one of the top automotive stocks to watch?

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Inside the car:

The Simple Truths About Leadership and How to Practice Them with Ken Blanchard and Randy Conley
Throughout the hustle and bustle of leading an organization, the fundamentals of leadership can often be pushed into the background or, in some cases, completely forgotten. Today’s guests say it’s totally okay to go back to basics. Today on Inside Automotive, we are pleased to welcome the co-authors of “The Simple Truths of Leadership: 52 Ways to Be a Servant Leader and Build Trust», Ken Blanchard and Randy Conley. Watch the full segment here.

Securities:

car manufacturers are express extreme dissatisfaction with dealers charging customers far more than manufacturers’ suggested retail prices. According to Edmunds, more than 80% of car buyers in the United States paid a price above MSRP last month, which is exceptionally higher at around 3% in January 2021. So far, Ford and General Motors have expressed the most public opposition, with each automaker issuing warnings to dealers about the practices and threatening to reallocate new inventory to other dealerships. Despite the ongoing controversy, automakers remain committed to finding ways to work with dealerships to facilitate sales of new electric and hybrid vehicles as well as manage the shift to the direct-to-consumer model.

General Motors said Monday that it would be increase your climate equity fund to $50 million, double its initial investment. GM executive Kristen Siemen said the increased investment will increase inclusion and involve the community more in efforts to eliminate emissions. The automaker is also continuing to support various nonprofits to further facilitate its goals of creating “clean energy jobs,” “sustainable transportation,” and “community climate action.” GM also has a separate $35 billion fund earmarked for research and development of electric vehicles and charging solutions.

According to a recent Securities and Exchange Commission filing, Tesla CEO Elon Musk donated over five million Tesla shares to charity in November. Although the name of the charity was not disclosed, it was worth more than $5.7 billion and the shares were donated at the same time as Musk said he would sell for more than $16 billion. shares after Twitter users said so. Musk has continually come under scrutiny when it comes to his taxes, and analysts say the recent donation could give him tax advantages, as donations are potentially subject to lower taxes. The recent donation is not his first, as he has continuously donated billions of dollars in grants to various causes.

According to a filing with the Securities and Exchange Commission, Sonic Automotive made some changes to its board of directors and increased compensation for four executives, and setting new standards for their bonuses. At the 2022 annual meeting of shareholders, Victor Dolan and Robert Heller announced they would not be seeking re-election, while Speedway Motorsports executive Michael Hodge was named a new member of the board. The SEC filing also indicates that its executive chairman, CEO, chief financial officer and chairman will receive 20% salary increases and that their bonuses going forward will depend on adjusted earnings per share and overall customer satisfaction. . Sonic Automotive is set to release its results today.

Celebrating Black History Month:

This February, in honor of Black History Month, we want to celebrate and recognize the past, present and future accomplishments of Black automotive retail professionals. Today we would like to highlight Edward Welburn, former vice president of global design for GM.

After being amazed by a Cadillac he saw at the Philadelphia Auto Show when he was 11, Welburn wrote to General Motors asking him to become a car designer. Later, General Motors gave Welburn an internship and he spent 44 years with the automaker, including 13 as GM’s vice president of global design. Welburn oversaw the development of iconic cars like the Corvette, Camaro and Escalade.

News and Notices:

Automotive professionals rewarded at the What Drives Her Awards
The fifth annual What Drives Her program took place on February 11 as part of the Chicago Auto Show media preview. Every year, female powerhouses in the automotive industry come together to recognize top successes and share tips and personal stories. This includes women retailers, suppliers, manufacturers and media moguls across the United States who continue to succeed in the automotive industry. The What Drives Her program is just one of many resources for women in the industry, which includes all women, from auto buyers to automotive executives. Read more

As border blockade ends, automakers have some catching up to do
The Ambassador Bridge runs again between the United States and Canada after a the week-long blockade has been lifted by Windsor Police. However, the days when the corridor has been obstructed by protesters has created another economic hurdle that the auto industry will have to overcome. Auto industry shutdowns and idle lines are estimated to cost about $300 million in losses, according to Anderson Economic Group which analyzed the effects. Of the losses, nearly $150 million relate to lost wages alone, suffered by assembly plant workers when their shifts were cancelled. Michigan autoworkers were the hardest hit, accounting for more than a third (estimated at $51.26 million) of lost wages. Rread mohD

General Motors’ new CarBravo platform allows dealers to sell Certified Pre-Owned vehicles of any brand online, but it also replaces GM’s traditional Certified Pre-Owned program for stores that choose to use it. Other automakers are likely to follow the strategy, an expert says.

“It makes sense,” said Jonathan Banks, vice president of vehicle ratings at JD Power. “We’ve talked about how OEMs can partner with dealers to optimize the used vehicle experience? Is that a good way to do that without impinging on dealers’ ability to run their business the way they want to? wish.”

CPO sales are only a fraction of the used vehicle market of 40 million units. Dealerships sold about 2.75 million CPO vehicles last year, up about 5% from 2020 and down about 2% from 2019, according to JD Power. But 16% of all used vehicles sold through franchised dealerships were CPOs. With CarBravo, GM aims to expand its share of CPO for Chevrolet, Buick and GMC by allowing consumers to view dealership inventory beyond their region and expanding to non-GM brands and company-owned vehicles. business.

“This should increase sales of certified vehicles because CarBravo’s scale is much larger than what the dealership traditionally would have,” Banks said. “Certified vehicles do better than non-certified vehicles on both days at the turn [and] of gross profit. Getting all your vehicles certified and having this platform to distribute them should be a boon for certification as a whole.”

Over the past two years, consumers have begun to arrive at dealerships knowing exactly what type of vehicle they want, and not just out of boredom or curiosity, said Tom Castriota, owner of Castriota Chevrolet in Hudson, Fla. He expects this to continue. spring.

“They say, ‘I need an SUV that can carry six people,’ or ‘I need a truck that can tow X pounds,'” Castriota said. “We just don’t see the person come in and say, ‘Oh, show me what you got in a used van. “

As consumers begin to spend their tax refunds on used vehicles, dealer days’ supply could potentially shrink, said Dale Pollak, executive vice president of Cox Automotive.

Castriota said his store’s supply may not dwindle quickly in the spring because his dealership caters to a community of mostly retirees. But when General Motors’ production of new vehicles increases, it will help boost trade at its store and put used models back in the pipeline, he said.

Binder said he doesn’t expect a major drop in the day supply of used vehicles at Len Stoler Automotive Group this spring.

“We’re obviously very lean on the new car side with daytime supply,” Binder said. “On the used car side, we’re preparing for it. We’re planning. We’re buying cars now.”

Dillard, of Team Auto Group, said his group would continue to obtain inventory from a variety of sources – auction sites, drive-thru, customer databases and off-street. It “totally” expects wholesale prices for used vehicles to remain high.

Team Auto Group’s marketing will remain entirely digital and data-driven in the coming months, Dillard said. The group is only looking for buyers they know in the market to buy a vehicle.

“We still want to be incredibly manufacturer-friendly,” she said, “but there’s just no need to advertise new cars as much now, so we’re putting more emphasis on our new cars. opportunity until inventory improves.”

A new auto insurer is reversing the roles of automakers who offer insurance with their roadside assistance and emergency services by including these accident services with its auto insurance policy.

Sensa, based in Austin, Texas, is calling itself the “first proactive insurance company” as it begins rolling out its auto insurance offering that includes real-time help for every policy. Sensa’s U.S. launch is kicking off in Illinois, with Texas, Indiana and Ohio slated for the coming weeks and a rollout to the rest of the country to follow, according to the company.

According to the insurer, its solar-powered sensor automatically detects an accident and analyzes damage and injuries, ensuring that the appropriate assistance, such as emergency medical transport, tow truck, rental car or other services, can be dispatched quickly to the scene. The sensor can detect the exact time and place of the accident, as well as predict the severity of injuries and damage to the automobile.

The sensor sends the data to the cloud for analysis, prompting a representative to call the driver.

The Sensa emergency specialist will first try to reach the insured by telephone. If there is no response, the specialist will call the insured’s emergency contacts. If they are also not available, Sensa staff will then communicate directly with the emergency services team who will dispatch first responders or medical personnel to the scene of the accident so that they can determine the best path to follow.

The company says its technology also speeds up the claims process. The person calling the emergency services also handles the claim, and the system pre-populates claim forms with accident scene information.

The service recalls General Motors Co.’s subscriptions for its Onstar Guardian location and emergency notification service that it plans to offer as part of a car insurance package.

GM, along with Tesla and Ford, is also testing telematics-based insurance offerings that track driver behavior.

Sensa’s product does not track driver behavior. The sensor, which is glued to the windshield by the insured, is only activated in the event of a collision. There is no telematics app or device.

The cost of the sensor is built into the policy and is not a separate charge.

Business background

Itay Bengad, MD, is CEO and co-founder of Sensa. The ER doctor got the idea for the business after a friend was stretchered unconscious after a car accident. Doctors needed time to identify his friend’s numerous injuries. Bengad realized that the medical team lacked the critical information needed to determine the best course of treatment.

Bengad says that experience left him determined to find a better way to deal with car accident victims. He assembled a team of mechanical and machine learning experts to join his medical knowledge and they created Sensa’s parent technology company, MDgo, in 2018.

“Every minute counts and every diagnostic detail makes a difference at the scene of an accident,” Bengad said. “After an accident, even a minor one, people are most vulnerable and should never feel alone.”

He said Sensa is shifting the “moment of truth” for insurance companies from the first notice of loss to the loss itself.

“True disruption in the insurance industry requires an insurance offering that goes further for policyholders and addresses insurers’ issues,” Bengad said. “The scene of an accident is the only time when the interests of policyholders and insurance companies are fully aligned. The insured wants to resolve the situation with the least hassle, and the insurer wants the situation to be resolved according to its preferred distributors. With the knowledge and power to make a difference, insurers can provide policyholders with medical and logistical support – and reduce the severity of claims.

According to the company, insurers in Europe are already offering the MDgo sensors as part of their car insurance policies.

Sensa said it would introduce additional “proactive insurance” offerings, with home insurance due to launch later this year.

The insurer is looking to sign independent agents to represent it.

Sensa is backed by investors including Bessemer Venture Partners, Target Global, Volvo, Hyundai Motors and Nationwide.

Topics
Auto Carriers

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Well, your car’s headlight is burned out. I guess that means you have to throw the whole vehicle away and buy a new one.

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As absurd as it sounds, that’s basically how we deal with many consumer electronics, many of which have been made as difficult to repair as possible – not necessarily for good reason, but to force consumers to continue to buy new products. If you’ve ever tried to fix an electronic device, you’ve probably come across one of those funky-shaped screws, or stubborn drops of glue holding broken parts in place. Or maybe, if you’re lucky enough to have a repair shop nearby, you took it to a store only to learn that it will cost more to repair than to replace. The result is that a lot of e-waste that could be salvaged ends up being thrown away.

House Bill 1212, sponsored by State Rep. Mia Gregerson, would fix that by forcing big tech companies like Samsung, Apple and Microsoft to make tools and tech specs available to anyone who wants to fix their own devices. The bill provides exemptions for trade secrets and security concerns, among other considerations.

So, ready to crack open that old phone with the cracked screen, the toaster with the buttons that only work if you hold it sideways, or your collection of controllers with the drifting sticks? Not so fast – tech companies cling to their pearls early on idea of you filthy commoners peeking inside their components.

David Edmonson is vice president of state policy and government relations at TechNet, an organization representing dozens of large companies: Amazon, Apple, Cisco, Google, Grubhub, General Motors, Lyft, Meta (aka Facebook), PayPal, Uber, Zoom and many more. He urged Washington lawmakers to reject the bill as written, saying the current situation is good: “Consumers currently have a variety of professional repair options,” he said. said, suggesting people can continue to use manufacturer-authorized repair options.

This may sound reasonable, but let me give you a little insight into these “authorized repair networks” because I was one of them.

Back in college, I worked at a camera chain that offered “authorized” repairs under warranty when you bought a camera. We all knew it was a scam: when some poor moron brought in his broken camera, we sent it in for repair, knowing that the repair would take weeks, if not months, at best! Sometimes it just got lost and the customer (if they remembered bringing their camera) had to fight tooth and nail to get it replaced. Other times the damage would conveniently turn out to be something not covered by warranty, in which case the customer would have to choose to pay out of pocket to send it back, broken; or pay through the nose for a repair that sometimes costs as much as a new camera. Sometimes they came back with new damage and the customers were too fed up to continue the process.

There were a handful of times I was able to save the client. They might just have needed to tighten one of those tiny, bezel-sized screws; or their battery contact just needed to be bent back into place with needle-nose pliers; or their dented lens just begging to be gently unscrewed with a strap wrench. Just like that, a months-long repair ordeal was solved in less than five minutes because I, a dumb student, just had basic tools and knowledge. I wish I could have made this for more people – or better yet, that they could have found the instructions to do it themselves at home.

But the industrialists would very much like things to remain as they are. “Consumers already have a wide range of secure repair options through their authorized repair network,” said Dustin Brighton, representing the Repair Done Right Coalition. Hey, who exactly is in this coalition? Hard to say! Brighton, who has worked with Microsoft and Ebay in the past, appears to be the only person to ever speak on behalf of the group. Could be a coalition of one for all we know. I contacted his consulting firm, Brightstone Bridge, but got no response.

Lisa McCabe, director of state legislative affairs for the Cellular Telecommunications Industry Association, and George Kerchner, executive director of the Portable Rechargeable Battery Association, also opposed the bill. Kerchner has warned that batteries are too dangerous for the average person to replace – but the Federal Trade Commission disagree in a 2019 report which found “little evidence to support…the manufacturers’ explanation of repair restrictions”.

Batteries can indeed be dangerous—I’ve been capacitor-zapped several times while tinkering with disposable cameras, not to mention the potential for battery explosion—but the FTC report noted that “manufacturers may choose to make products safer to repair when reviewing a product’s design,” and called “manufacturer practice that increases the safety risks of independent repair,” such as not labeling batteries.

This is a problem that has been solved in other industries. For example, I was able to safely replace the battery in my Prius a few years ago, saving me a few hundred dollars in repair costs. I am by no stretch of the imagination a car person! But this repair was about as easy to do as building an Ikea desk, and I could drop off the old, used battery at an auto shop. If it is possible to swap giant car batteries safely, it is possible to do so with cell phones.

When you lower the bill, Nicole Walter of Washington’s Public Interest Research Group testified, “the right to repair is a matter of choice.”

And Patrick Connor of the Washington State Small Business Owners Association – whose members include local repair shops – said their members support the legislation by a margin of more than three to one.

“I would say I’m pretty optimistic,” Wiens says when asked about the chances of HB 1212 passing this year. Although similar bills have been proposed in other states, he says, “Washington is in the lead right now. … People should call their representatives and tell them to support him.”

MILAN – Automaker Stellantis’ moves to cement its position in fast-growing China appeared to have gotten off to a rocky start after one of its joint venture partners said it had not been consulted before announcing its intention to take a majority stake.

Stellantis, born a year ago from the merger of PSA Peugeot with Fiat Chrysler, holds less than 1% of the Chinese market share of 21 million vehicles where it inherited two joint ventures. It plans to present its strategy on March 1, but offered some clues in announcements this week.

In particular, they plan to increase the stake in Chinese partner GAC Stellantis from 50% to 75% under new rules allowing more foreign investment. In addition to that, it announced on Friday that the other joint venture partnership with Dongfeng doubled its sales last year.

The company said on Thursday that the agreement to extend its stake in GAC Stellantis had been reached with the GAC Group, but the Chinese partner replied that it had not been informed and that the release had not been agreed. The agreement is subject to the approval of the Chinese government.

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“That’s not a good sign,” said Ferdinand Dudenhoeffer of the Center for Automotive Research (CAR) in Germany. “It could mean the deal won’t go through or the Chinese want more money.”

China has gradually lifted its requirement for foreign automakers to work through joint ventures with state partners to produce cars in China. Foreigners were allowed to own 100% of electric vehicle makers in 2018. This extended to commercial vehicles in 2020 and passenger vehicles this month.

Stellantis’ decision to gain greater control over its joint ventures is particularly significant given that GAC manages other joint ventures, Dudenhoeffer said. GAC’s partnerships with Honda, Toyota and Mitsubishi have seen significantly higher sales volumes.

Despite doubling its sales through the Dongfeng Peugeot Citroën Automobile JV to more than 100,000 vehicles last year, Stellantis – the world’s fourth-largest automaker – remains far behind other foreign automakers. VW and GM each sold some 3.3 million cars in China last year, while Tesla’s smaller sales soared to some 319,000, according to CAR figures.

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Stellantis is counting on its popular Jeep SUVs, made under the GAC joint venture inherited from Fiat Chrysler, to gain traction in China. Stellantis is planning a so-called “One Jeep” strategy in China, which focuses on the Changsha plant where it is about to launch the Compass model.

Globally, China is the market to bet on, with CAR predicting sales to reach 26.7 million by 2025 and 50 million in the coming decades. Dudenhoeffer said Stellantis’ strategy remained long-term, due to its backward position and also because its brands, including Jeep, are little known in China compared to Volkswagen and GM.

“It’s important to make a big investment in China, but they have a lot of competition there. It’s not impossible, but the chance of Stellantis becoming a big player in China is very low in my opinion,” he said.

China’s easing of restrictions reflects authorities’ growing confidence in the ability of ambitious new Chinese brands to compete, particularly in electric vehicles. Chinese leaders hoped that increased competition would force their industry to grow faster and become a world leader.

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Previously, foreign brands were limited to 50% of a joint venture, a contractual arrangement under which both parties shared technology, manufacturing expenses and profits.

BMW AG in 2018 became the first foreign automaker to hold the majority of a joint venture, increasing its stake in a partnership with Brilliance Automotive Group to 75% from 50%.

The following year, Tesla Ltd. opened the first wholly foreign-owned factory in Shanghai.

Automakers, including General Motors Co., Toyota Motor Co. and Volkswagen AG, said they plan to stick with Chinese partners who bring official connections and sales and supply networks.

Daimler AG’s Mercedes brand has also launched electric vehicle projects with two private Chinese automakers, BYD Auto and Geely Holding Group.

___

Joe McDonald contributed from Beijing.

WASHINGTON – The White House plans to host the CEOs of major U.S. companies – including GM’s Mary Barra and Ford’s Jim Farley – on Wednesday to discuss its $1.75 trillion Build Back Better legislation, officials told Reuters .

“We have an event tomorrow on Build Back Better where there will be a number of CEOs here,” White House Press Secretary Jen Psaki told reporters at a press briefing on Tuesday.

Biden lobbied in December to pass Congress the spending bill that would provide billions of dollars to fight climate change and boost electric vehicles as well as money for universal early education, family leave paid and other social security expenses.

But the measure currently lacks sufficient support in the Senate, where moderate U.S. Sen. Joe Manchin, DW.Va., opposed it with Republicans.

Biden on Tuesday touted General Motors’ announcement of a $7 billion investment in Michigancreating 4,000 jobs and boosting the manufacture of electric vehicles and batteries. GM CEO Mary Barra should be among the CEOs in attendance along with Ford CEO Jim Farley. the White House said.

Farley, in a statement released by Ford, said: “Strengthened consumer incentives will help get more drivers behind the wheel of electric vehicles and help American workers lead the global transition to zero-emissions transportation. I have I look forward to traveling to Washington tomorrow to meet with President Biden and discuss how we can make this plan a reality.

Biden’s proposal would increase the current $7,500 tax credit for electric vehicles to $12,500 for union-made U.S. vehicles, as well as creating a credit of up to $4,000 for vehicles second hand. The bill would also make GM and Tesla Inc. eligible for tax credits again after hitting the 200,000 vehicle cap on the existing $7,500 credit.

“General Motors is grateful for the opportunity to join the discussion,” the automaker said in a statement. “The meeting is a good opportunity to reinforce GM’s policy priorities, particularly around electric vehicles and building our U.S. supply chain as we continue to move toward an all-electric future.”

The bill also includes a 30% credit for commercial electric vehicles. Build Back Better would also allocate $3.5 billion to convert US factories to produce electrified or fuel cell vehicles and kick-start incentives that could generate $3.7 billion for automotive communities by 2031.

Automakers could also benefit from $3 billion allocated to an advanced technology vehicle manufacturing loan program from the Department of Energy.

Biden wants 50% of new American vehicles to be electric or plug-in hybrid electric by 2030.

Automotive News contributed to this report.