Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Amtrak, automakers vow to work with future Biden administration

Published 11/07/2020, 09:55 PM
Updated 11/07/2020, 10:00 PM
© Reuters. FILE PHOTO: U.S. Democratic presidential candidate and former Vice President Joe Biden campaigns in Cleveland

By David Shepardson

WASHINGTON (Reuters) - U.S. passenger railroad Amtrak and American automakers on Saturday pledged to work with the incoming administration of Democrat Joe Biden, who wants to boost mass transit and green vehicles.

"To get the economy moving and help Amtrak and our employees through this unprecedented situation, Congress must act now on pandemic relief and economic stimulus funding," said Amtrak's chief executive, Bill Flynn.

Flynn told Congress last month he expects Amtrak's revenue to fall by more than 70% from pre-coronavirus levels in 2021, as it considers new sweeping cuts and says it needs up to $2.9 billion in additional U.S. support.

Flynn said Amtrak looks forward to working with Biden, a regular Amtrak rider for decades who has a train station named after him in Wilmington in his home state of Delaware.

U.S. transit and airline demand has been devastated by the coronavirus pandemic. Congress had considered but did not provide another $25 billion to airlines in October that would have kept at least 32,000 workers on payrolls.

Major airlines are considered making a new push for assistance when Congress takes up the issue again, but declined to comment on Saturday after U.S. television networks declared Democrat Biden the winner of the presidential election over Republican incumbent Donald Trump.

Mass transit systems want $32 billion in federal assistance. Biden has vowed to provide U.S. cities with 100,000 or more residents "high-quality, zero-emissions public transportation options" by 2030.

U.S. automakers also promised to work with Biden, who has pledged to spend billions of dollars to add 500,000 electric charging stations, fund battery research and to restore the full $7,500 EV tax credit for buyers of Tesla Inc (O:TSLA) and General Motors Co (N:GM) vehicles that has expired.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Automakers may clash with Biden over the fate of fuel efficiency requirements through 2025 and penalties for not meeting mandates.

GM said on Saturday it looks forward to working with his administration and Congress to "advance our vision of an all-electric, zero-emissions future."

Fiat Chrysler Automobiles NV (MI:FCHA) said it looks forward to working with Biden and the new Congress "to strengthen the automotive industry and build a more secure future for our employees, customers and society."

Biden wants to help cities invest in "e-scooters and other micro-mobility vehicles and integrate technologies like machine-learning optimized traffic lights," and wants Congress to approve a big infrastructure package next year.

Biden also backs providing incentives for consumers to trade less efficient vehicles for U.S.-built electric vehicles and tax breaks for automakers and parts manufacturers to build or retool factories for EVs.

 

Latest comments

Need to put these companies on Federal payroll, agreed.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.