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 his signature $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 news briefing on Tuesday.
Biden made a push in December to win passage in Congress of the spending bill that would provide billions of dollars to tackle climate change and boost electric vehicles along with money for universal preschool, paid family leave and other social safety spending.
But the measure currently lacks enough support in the Senate, where moderate U.S. Sen. Joe Manchin, D-W.Va., has opposed it along with Republicans.
Biden on Tuesday touted General Motors' announcement of a $7 billion investment in Michigan, adding 4,000 jobs and boosting EV and battery manufacturing. GM CEO Mary Barra is expected to be among the CEOs in attendance alongn 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 wheels of EVs and help American workers lead the global transition to zero-emissions transportation. I’m looking forward to heading to Washington tomorrow to meet with President Biden and talk about how we can make this plan a reality.”
Biden's proposal would increase the current $7,500 EV tax credit to up to $12,500 for union-made U.S. vehicles as well as creating a credit of up to $4,000 for used vehicles. The bill would also again make GM and Tesla Inc. eligible for tax credits after they hit 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 as it relates to electric vehicles and building out our U.S. supply chain as we continue to move towards an all-electric future."
The bill also includes a 30 percent credit for commercial EVs. Build Back Better would also allocate $3.5 billion for converting U.S. factories for production of electrified or fuel cell vehicles and revive incentives that could generate $3.7 billion for automotive communities by 2031.
Auto manufacturers could also benefit from $3 billion allocated to a Department of Energy Advanced Technology Vehicles Manufacturing Loan Program.
Biden wants 50 percent of new U.S. vehicles to be electric or plug-in electric hybrid by 2030.
Automotive News contributed to this report.