In the US, Biden offers $12 billion in grants and loans to auto industries to speed up the electrification

In the US, Biden offers $12 billion in grants and loans to auto industries to speed up the electrification

It seems that the car match is only a challenge between the United States and China with Europe, the nerve center of the combustion engine, especially diesel, threatening to end…

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The auto industry rivalry seems to be a challenge only between the US and China with Europe, the nerve center of the combustion engine, especially diesel, which may end up dying out. The two global economic giants continue to allocate money toward electrification and conquer new markets, while the Old Continent, by setting 2035 as the deadline for the sale of new combustion vehicles, could see businesses and workers disappear, with businesses and workers gone. Mr. BMW speaks to the Financial Times. And in the United States, the Biden administration is providing $12 billion in grants and loans to automakers and suppliers to upgrade their plants to produce electric cars and other advanced vehicles, said Energy Secretary and former Michigan governor Jennifer Granholm, an automaker. “As we transition to electric vehicles, we want to make sure workers can achieve the shift right away, leaving no worker or community behind,” Granholm told reporters at a news conference.

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Vehicle manufacturers They will receive grants to save time and other subsidies that will fund the conversion of existing manufacturing plants to build electric cars in a move that could help mitigate criticism from automakers and the United Auto Workers (UAW) about environmental standards that will be applied. UAW President Sean Fine praised the announcement, saying the grants and loans “show employers that the transition to electric vehicles must include strong union partnerships with the high pay and safety standards that generations of UAW members have fought for and won.” The Chinese government, despite the ongoing economic slowdown, wants to maintain steady growth of the auto industry, including new energy vehicles. Beijing specifically aims to increase registrations by 3% year-on-year to 27 million in 2023, with sales of next-generation cars rising about 30% year-on-year to 9 million units, according to the action plan jointly published by seven ministries.

Dragon points But also to stimulate sales of cars with internal combustion engines over the next two years, by not imposing any restrictions on the sale of new vehicles. Other stimulus measures include boosting China’s auto exports, especially to Silk Road countries and other emerging markets, as well as encouraging the replacement and consumption of used cars. According to data from the China Association of Automobile Manufacturers, China’s auto exports increased to 2.533 million in the January-July period, up 68 percent over the same period last year. And the Chinese boom abroad is worrying European producers. BMW’s chief executive has warned the Financial Times that EU plans to ban combustion engine cars are pushing cheaper European car makers into a price war with Chinese rivals that they are unlikely to win. “The core segment of the car market will either disappear or not be fulfilled by European manufacturers,” Oliver Zipsey explained, pointing to the growing ambitions of Chinese car brands such as BYD specializing in electric vehicles.

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EU plans The idea of ​​phasing out combustion engine vehicles by 2035 has been criticized by the continental auto industry, which indirectly employs nearly 14 million people, the Financial Times reports. Zips also questioned whether the blockade deadline could be met. Referring to a review of EU legislation on electric vehicles scheduled for 2026, he said that the European charging infrastructure was still “far from expectations”. . . There are countries where they don’t develop anything at all.” However, “I’m not worried about BMW,” Zipsi assured the Financial Times. from the market”.

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