WASHINGTON, Jan 26 ― The White House plans to host the chief executives of major US companies including auto and tech sector firms today to discuss President Joe Biden's signature US$1.75 trillion (RM7.33 trillion) Build Back Better legislation.

General Motors CEO Mary Barra, Ford Motor CEO Jim Farley, Salesforce co-CEO Marc Benioff, Microsoft President Brad Smith, Etsy CEO Josh Silverman, Siemens Corp CEO Barbara Humpton and Corning CEO Wendell Weeks are among those who will take part.

A White House official said Biden “will meet with CEOs who support passing Build Back Better to discuss the ways his (BBB) agenda will make the US economy more competitive, increase worker productivity and workforce participation, lower inflation over the long-term, and strengthen business growth.”

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.

Biden yesterday touted GM's announcement of a new US$7 billion investment in Michigan, adding 4,000 jobs and boosting electric vehicle and battery manufacturing.

Biden's proposal would increase the current US$7,500 EV tax credit to up to US$12,500 for union-made US vehicles as well as creating a credit of up to US$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 US$7,500 credit.

The US$4,500 union EV credit has come under heavy criticism from foreign automakers like Toyota.

The bill also includes a 30 per cent credit for commercial electric vehicles. Build Back Better would also allocate US$3.5 billion for converting US factories for production of electrified or fuel cell vehicles and revive incentives that could generate US$3.7 billion for automotive communities by 2031.

Auto manufacturers could also benefit from US$3 billion allocated to a Department of Energy Advanced Technology Vehicles Manufacturing Loan Programme.

Biden wants 50 per cent of new US vehicles to be electric or plug-in electric hybrid by 2030. ― Reuters