DEARBORN, Mich. (AP) -- Ford Motor Co. said Tuesday it has received a $55 million tax incentive from Michigan to continue work in advanced battery and electric vehicle development.
Ford said the refundable tax credit comes through the new Michigan Advanced Battery Credits initiative.
The program provides refundable tax credits to encourage companies to invest in electric vehicle engineering and advanced automotive battery research in Michigan.
The incentive is expected to help Ford's recently announced strategy designed to bring four electric vehicles to market by 2012.
The automaker said the credit comes through the Michigan Economic Development Corp.