With Sen. Manchin's climate-spending and tax-incentive compromise, here's what Tesla, Ford and other buyers of new and pre-owned electric vehicles need to know.
With West Virginia Sen. Joe Manchin’s surprise decision to support a compromise spending bill that devotes more than $360 billion to climate change efforts, consumers will now, for the first time, have a tax incentive toward used electric vehicles.
Newly built EVs also feature in the revived tax-credit proposals, which could drive up interest in brands such as Tesla TSLA , Ford F and other automakers assembling in the U.S. that turn out alternatives to gas engines. The bill’s aim is to help lower U.S. carbon emissions by about 40% by the year 2030, shy of a Biden administration pledge for a more than 50% reduction by the end of the decade on the way to net-zero emissions by 2050. That pledge is in keeping with those of most U.S. economic rivals.
Tax breaks for buying EVs have some requirements. New EVs will need to be built with minerals — such as high-demand lithium and cobalt — that are extracted or processed in a country with which the U.S. has a free trade agreement. And they must include a battery that features a large percentage of components that were manufactured or assembled in North America.
EV industry participants say the inclusion of lower-priced used EVs is key to ramping up a transition from emissions-spewing traditional engines to zero-emission alternatives. And Shahidi said as car buying shifts away from dealerships to direct purchases, that can likely boost EV access.
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