GM's EV unit, BrightDrop, setting 2023 revenue expectations at $1B based on the all-electric van they will start mass producing in December? 25K reservations and the 30% tax credit are expected to boost the company's goal of producing 50K vans for companies like Walmart, Verizon, and FedEx by 2025.
Medium and heavy-duty vehicles are getting a push toward carbon neutrality too. The Biden admin issued a non-binding memo targeting 30% of medium and heavy-duty vehicles to be zero-emissions by 2030 and a 100% transition by 2040. The inflation reduction act already offers up to $40K in tax credits for heavy-duty EVs.
The White House must have read about the auto industry's impact on the economy in our email last week (we didn't even know they were subscribed). This week Biden will meet with leaders from multiple industries and unions to discuss efforts to keep inflation moving in the correct direction. Among the invitees are Ford CEO Jim Farley and the United Auto Worker's union president.