Ford, Toyota And GM Fiercely Oppose Strict New EV Tax Bill

Another massive limiting factor under the newly proposed bill relates to batteries. After 2023, EVs with battery components made in China or other “foreign entities of concern” will be ineligible for the tax credit. In 2025, that limit expands to include any critical mineral in a battery that is either processed or extracted by these countries. Right now, much of the processing of critical minerals in EV batteries is handled in China. Other restrictions apply to how much an EV buyer earns.

“Unfortunately, after they are implemented, at this point it looks like companies won’t be able to use [the credits] in the short run,” Senator Debbie Stabenow, a Michigan Democrat who has been instrumental in the negotiations over the credits, said in an interview.

While the rate of EV adoption is increasing, the new bill threatens to severely hamper President Biden’s goal of half of all US vehicle sales being EVs by 2030.

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