Ford Motor Company has received a $55 million incentive from the Michigan Economic Development Corporation (MEDC) for its work in advanced battery and electrical vehicle development. Ford will receive refundable tax credits through the new Michigan Advanced Battery Credits initiative.
The first of its kind in the country, the law provides refundable tax credits to encourage companies to invest in electric vehicle engineering and advanced automotive battery research in Michigan.
Approved by the Michigan Economic Growth Authority, the incentive will be used to accelerate Ford’s plans to produce next-generation hybrids, plug-in hybrid electric vehicles and battery electric vehicles.
Ford recently announced an aggressive electrification strategy to bring four new vehicles to market. Ford’s electrification strategy involves three types of electrified vehicles—battery electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles. (Earlier post.)