Automakers Want Congress to Pass Chip Funding

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June 23, 2022—Executives from several major automakers have produced a letter that urges Congress to take action on passing $52 billion in subsidies for U.S. semiconductor production.

According to Reuters, the letter included input from the following: 

  • General Motors
  • Ford
  • Stellantis
  • Rivian
  • Magna International
  • Senior U.S. leaders of Toyota
  • Honda
  • Hyundai
  • Volkswagen
  • Mercedes Benz
  • BMW
  • NXP Semiconductors

"If the U.S. is to remain a leader in automotive innovation, we must make the strategic, forward-looking investments today necessary to enhance the capacity and resilience of our domestic and regional semiconductor supply chains," the letter said, according to Reuters. 

Included in the funding is $2 billion for the production of "mature node" semiconductors. These are used by the automotive industry as well as in agricultural machinery, medical devices and even the national defense.

House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer are also pressuring prompt action be taken. They foresee the bill being put through Congress in July 2022.

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