West Virginia Senator Joe Manchin introduced a new bill that would halt the current electric vehicle tax credit until strict new battery requirements are put in place. It’s the latest move by the conservative Democrat to limit the government’s ability to incentivize car buyers to shift to less polluting vehicles.
Under the IRA, only electric vehicles with battery materials sourced from the US and its approved trading partners would qualify for the $7,500 credit. The IRS said it needed a little extra time figuring out how to enforce those rules, but“It is unacceptable that the U.S.
One half is based on the EV battery having at least 40 percent of its critical minerals sourced in the US or one of its free trade partners; the other half is based on the EV battery having at least 50 percent of its components manufactured or assembled in North America. Those percentages are meant to scale up in the coming years as well. This is because the IRA seeks to make certain that batteries are sourced and built in North America, not just the cars themselves.
If you’ll recall, the West Virginia Democrat is largely opposed to the EV tax credit and couldn’t give a toot whether people buy more Tesla Model 3s because of it. He sees the IRA as an “energy security bill” that’s meant to incentivize automakers to invest in EV manufacturing in the US rather than rely on a supply chain that snakes through all sorts of countries, but mostly China.
“The United States is the birthplace of Henry Ford who revolutionized the automotive industry with the Model T,” Manchin said. “Being an automotive powerhouse is in our blood which is why it is shameful that we rely so heavily on foreign suppliers, particularly China, for the batteries that power our electric vehicles.”
Munchkin was for it before he was against it. He is both-siding himself. Genius.
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