later this year, and many will get only half that, under rules proposed Friday by the U.S. Treasury Department., are likely to slow consumer acceptance of electric vehicles and could delay President Joe Biden's ambitious goal that half of new passenger vehicles sold in the U.S. run on electricity by 2030.
The new rules will help consumers save money on EVs “and hundreds of dollars per year on gas, while creating American manufacturing jobs and strengthening our energy and national security,” Treasury Secretary Janet Yellen said Friday. Referring to the proposal's 60-day comment period, Manchin said,"My comment is simple: Stop this now. Just follow the law.”
"We now know the EV tax credit playing field for the next year or so. March 2023 was as good as it gets,'' Bozzella said. Also, at least 50% of the value of battery parts must be manufactured or assembled in North America this year. That requirement rises to 60% next year and in 2025 and jumps 10% each year until it hits 100% after 2028.
General Motors, for instance, says its EVs will only be eligible for $3,750 once the rules are effective. The company is building a U.S. supply chain, and its vehicles should get the full credit by mid-decade, its chief financial officer has said.
Electric vehicles not exactly flying off the shelves. This should depress their sales even more. Manufacturers are going to have to lower their cost to make the inconvenient EV more attractive.
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Source: Reuters - 🏆 2. / 97 Read more »