As President Obama marks his 100th day in office today, we wanted to focus on the programs the President has approved for the automotive industry during that time that have spurred some economic growth.
By far the most widely reported initiative during his 100-day tenure has been the American Recovery and Reinvestment Act of 2009, commonly referred to as the stimulus bill. Within the stimulus bill, Obama earmarked $2 billion in grants for advanced battery manufacturing for the auto industry. The grants will be handed out this summer.
Connected with those grants, as was reported in a previous post, “Michigan Governor Jennifer Granholm signed legislation that amends the Michigan business tax (MBT) statute that provides credits for advanced battery manufacturing and vehicle engineering to support battery integration.” According to Crain’s Detroit Business, “the projects in Southeast Michigan and elsewhere are expected to create nearly 6,700 jobs,” and the state is hoping that the tax credits make Michigan a frontrunner to receive the grants.
In addition, CNNMoney.com’s Paul Keegan writes that, the Department of Energy will soon be “disbursing $25 billion in low-interest loans to encourage companies to build green vehicles,” as part of its Advanced Technology Vehicle Manufacturing Program (ATVM). Companies that are chosen for the $25 billion loan will undoubtedly begin to expand their operations.
It has only been 100 days, but we’ll be anxiously watching the progress of these programs as well as others within the auto industry during the next 100.