Automobile corporations have confirmed that they will be among the sponsors of the 47th President of the United States. The Japanese concern will finance the event with money, and American brands will also provide cars for the ceremony. The auto industry is wary of a change of power in the White House, because the new administration has already threatened to impose tariffs on imports from Mexico and Canada.
By the 2017 inauguration, Trump had raised about $107 million, while Biden’s inauguration as president cost $62 million due to the coronavirus pandemic. Donations for the ceremony have long become the norm, and major corporations become sponsors of the celebration: for example, the last inauguration was financed by Google, Microsoft, Boeing, Pfizer, AT&T and Uber.
Trump is ready to cooperate with auto giants from China, but on one condition. In Germany, they calculated the losses of the auto industry due to the election of Trump. GM, Toyota, VW and Kia asked Trump to maintain tax breaks.
Ford CEO Jim Farley has no doubt that the Trump administration will be interested in the Blue Oval’s point of view. General Motors is optimistic: top manager Mary Barra said that the automaker is close in goals to the team of the new president. Interestingly, Tesla is not among Trump’s sponsors this time, although according to CNN estimates, it was Elon Musk who became one of the largest investors in the last election campaign, spending at least $260 million.
A mini-revolution in the US auto industry could be triggered by Trump’s cancellation of tax breaks for electric vehicles. It is believed that Tesla and Elon Musk will suffer less from the innovation than others, but GM, Toyota, VW and Kia asked Trump to maintain tax breaks; Also, after the abolition of subsidies, Ford’s already substantial losses will increase.
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