Home Financial Markets U.S. Automakers looking excited to work with the Biden Administration

U.S. Automakers looking excited to work with the Biden Administration

Amtrak and other American automakers are looking forward to working with the new administration of Democrat Joe Biden who is passionate about green energy and mass transit.

Amtrak’s chief executive, Bill Flynn said that Congress must act now on providing economic stimulus funding for the current pandemic to keep the economy moving and help Amtrak and our employees through this extraordinary situation.

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Flynn revealed to Congress last month that the Amtrak’s revenue will decline by more than 70% and the company needs $2.9 in additional U.S. support. The CEO said that the company is excited to work with Biden, who used to be a  regular Amtrak rider for decades and has a train station named after him in Wilmington in his home state of Delaware.

The Coronavirus Pandemic hit the U.S transit and airline demands badly and  Congress did not promise to provide $25 billion to airlines in October which is essential to keep 32,000 workers on jobs.

After Jo Biden victory confirmation, The Congress declined to make any comment on assistance for major airlines. The Mass transit systems are hopeful to get $32 billion from the federal government as financial assistance. Biden promised with its voters that his government will provide U.S. cities with 100,000 or more residents high-quality, zero-emissions public transportation options by 2030.

Biden also pledged to its voters to add 500,000 electric charging stations, fund battery research and to restore the full $7,500 EV tax credit which made U.S automakers to work with Biden but there might be a clash with the Democrats administration over the fuel efficiency requirements and penalties for not meeting the set targets.

GM, Fiat Chrysler Automobiles both said that they are looking forward to working with new administration for zero-emissions future.

Biden hopes that the Congress will approve a big financial package next year for integrated technologies like machine-learning optimized traffic lights and in e-scooters etc. he also recommends a buyback or trade-in schemes for less efficient vehicles.

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