Biden met with the CEO of Ford, UAW on the economy

WASHINGTON – President of the United States Joe Biden on Friday, he will meet with leaders of business and labor groups, including managers, on economic issues Ford Motor Co., Kaiser Permanente and Carrier Global Corp., as well as the president of the United Auto Workers union, a White House spokesman said.

The White House meeting, which will be in person and virtual, will also include the presidents of the Service Employees International Union and the United Food and Commercial Workers Union, the official said.

Attendees will discuss the economy and the meeting’s views on the economy “and the ideas they have to keep inflation down,” the official said.

The White House has often cited the shortage of semiconductor chips as a key driver of rising car and truck prices and general inflation. In August, Biden signed into law a $39 billion subsidy for chip manufacturing.

White House National Economic Council Director Brian Deese and Treasury Secretary Janet Yellen are also in attendance.

The Treasury Department, which has faced calls from foreign governments and many automakers over the U.S. government’s restrictive electric vehicle tax policy, which bars any vehicles assembled outside North America from qualifying, plans to issue guidance on how EV tax benefits will be realized.

Ford CEO Jim Farley said Tuesday that the automaker will need to build additional components for electric vehicles at its own plants so that “everyone has a role” in the future.

Electric cars will require 40% less labor to build than today’s internal combustion vehicles, Farley said at a conference in Detroit.

The UAW is seeking an election to represent about 900 workers at the General Motors-LG Energy battery cell joint venture in Ohio after the companies refused to recognize the union.

The UAW petition calls for an election of Ultium Cell workers on Dec. 7-8 after most workers signed affidavits authorizing the union to represent them.

In May, during a trip to South Korea, Biden expressed support for workers seeking to unionize battery joint ventures. Detroit’s Big Three automakers have battery plants that work with Korean partners.