+8 C°
Traffic jam:   0

Joe Biden offered $50bn to the semiconductor manufacturing

13 April 2021
2 min.
Joe Biden offered $50bn to the semiconductor manufacturing

Semiconductor industry

Semiconductor manufacturers in the US could receive tax breaks to boost production of chips for the automotive and other equipment industries. Intel is preparing to help supply chips to automakers.

A three-hour online conference was held on Monday with President Joe Biden, economic adviser, national security adviser and Commerce Secretary Gina Raimondo, as well as more than a dozen representatives from various companies.

The meeting focused on solutions to the semiconductor shortage that is causing auto makers around the world to idle plants, and discussed the automotive industry's transition to clean energy, job creation and US economic competitiveness.

During Monday's meeting, Biden read a letter from 23 senators and 42 members of the House of Representatives supporting his proposal for $50 billion for semiconductor manufacturing and development.

However, many lawmakers who support the additional funding for semiconductors believe the measure could be approved in a separate bill to make US companies competitive against China, rather than as part of Biden's infrastructure plan.

Among the negotiators were the CEOs of General Motors, Ford Motor, Google's parent company Alphabet, Intel, DellHPMicron TechnologyTaiwan Semiconductor Manufacturing, AT&TSamsung Electronics and others.

Taiwan's largest contract chip maker TSMC has received incentives from the US government to start building a $12bn plant in Arizona this year.

The largest domestic chip maker that will expand its production in the USA is to become Intel.

Bozzella, head of the Automotive Innovation Alliance, which represents the vast majority of carmakers operating in the US, urged the Biden administration to adopt policies that encourage US manufacturers to produce semiconductors in the country, including an investment tax credit that could help companies offset the cost of building new lines at existing facilities or reallocate current production to meet changing needs.

Earlier, GM said it expects the semiconductor shortage problem to reduce its operating profit by $1.5bn to $2bn this year, while Ford estimates losses from the situation at $1bn. $2.5bn in 2021.

Persons3 and Companies13 in the news

President and CEO of Alliance For Automotive Innovation
1 place
Secretary of Department of Commerce
2 place
46th President of the United States
3 place
3 place
4 place
5 place
11 place


Rating companies
103 Mention
89 Mention
88 Mention
76 Mention
Dow Jones
72 Mention
60 Mention
48 Mention


News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director