The electric vehicle tax credit just got a little bit more complicated with the announcement of a highly anticipated proposal which would apply to the battery components of eligible EVs.
the battery requirement portion of the tax credit ahead of 2023.
A second"battery component requirement" is also proposed for the other $3,750 portion of the tax credit. It requires that a percentage of the EV battery's components be manufactured or assembled within North America. For 2023, 50% of the battery's components must meet that requirement. That percentage also increases every year, until it reaches the 100% threshold in 2029.
"We know that in order to meet our energy security, climate and economic goals, we need to build a clean energy supply chain that is not dependent on China," said a senior administration official."Given China's currently dominant position in the clean energy supply chain we need to work with our allies and partners to build a resilient alternative supply chain that can meet the demand among American consumers.
Officials acknowledged that fewer vehicles would be eligible for the tax credit, but expressed that, over time, more cars would qualify as manufacturing and sourcing of battery components moves to the U.S. or its trade partners. Some car companies, like General Motors, expressed a hint of optimism ahead of the rule's implementation.
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