Michigan Aids Ford's EV and Battery Efforts with Tax Perk
Ford Motor Company has received a $55 million refundable tax credit from the Michigan Economic Development Corporation (MEDC) to help it aggressively fast-track electric vehicle and advanced battery programs. The incentive comes under a provision of the new Michigan Advanced Battery Credits initiative, the first legislation of its kind that offers this type of financial enticement to companies that invest new capital dedicated to electric vehicle engineering and battery research in the state of Michigan. Announced by Governor Jennifer Granholm and approved by the Michigan Economic Growth Authority, this incentive will be used to further accelerate Ford's previously announced plans to produce next-generation hybrids, plug-in hybrid-electric vehicles and battery-electric vehicles that are scheduled to start rolling out between 2010 and 2012.
"These promising technologies give us the opportunity to transform our transportation and energy future," said Nancy Gioia, director, Sustainable Mobility Technologies and Hybrid Vehicle Programs. "Government support is essential to achieving the potential for electrified vehicles in the future. Michigan's groundbreaking program accelerates our ability to expand and focus our engineering and research efforts here."