Georgia Senator Wants To Fix The New EV Tax Credit Rules

Warnock’s Affordable Electric Vehicles for America Act would delay the IRA’s phase-in period for sourcing requirements. These include being manufactured in North America, using batteries made domestically, and only sourcing critical minerals domestically or from nations that are part of the USA’s free trade agreement.

Under this new act, Hyundai would continue to qualify for the tax credits until its factory in Bryan County, Georgia, comes online. This bill would likely help Hyundai’s other brands, Kia and Genesis. Japan and the European Union, and more recently China, have raised concerns that the IRA in its current state excludes them and thus goes against World Trade Organization trade agreements. This new AEVA Act could placate the excluded nations.

Checkout latest world news below links :
World News || Latest News || U.S. News

Source link

Back to top button