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Does Tesla meet these requirements?
From the Article:
In order for consumers to receive the full $7,500 for the purchase of a new electric vehicle, a portion of the minerals in that vehicle’s batteries will need to be extracted or refined from countries with free trade agreements with the United States.
Part of the credit is also tied to a percentage of battery components being manufactured in North America.
Experts and industry players have indicated that these provisions — particularly the critical minerals piece — represents a high bar, and may hamper electric vehicle adoption in the short term.
The Manchin-Schumer bill gives tax credits worth up to $7,500 to consumers to incentivize the purchase of new EVs, but half of those credits — amounting to $3,750 — is dependent on where the minerals in its batteries come from.
The legislation mandates that 40 percent of the value of the minerals used in the electric vehicles’ batteries are extracted or processed from countries where the U.S. has a free trade agreement, and ratchets up over time.
For 2024, it increases to 50 percent, and continues upward until 2027, when 80 percent of the minerals used must come from these countries.
An auto industry source told The Hill they believe there are currently no electric vehicles on the market that meet this requirement.
The bulk of the world’s mineral refining is done in China.
Caps on both consumer income and vehicle value — which limit the credits to vans, SUVs and pickups $80,000 or less, and other vehicles costing $55,000 or less — are also posing hurdles for some automakers.
Jim Chen, Rivian’s vice president of public policy, said that based on his company’s current trajectory, the credit wouldn’t be able to work for the company’s consumers until 2025, because its vehicles are too expensive.
“The new proposal pretty much cuts us off at the knees. … It basically renders our vehicles ineligible,” said Chen, noting that his company was also pushing for changes.
Manchin deal could raise new hurdles for electric vehicle incentives | The Hill
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- a percentage of battery components being manufactured in North America. Yes.
- The legislation mandates that 40 percent of the value of the minerals used in the electric vehicles’ batteries are extracted or processed from countries where the U.S. has a free trade agreement, and ratchets up over time. ???
- vehicle value — which limit the credits to vans, SUVs and pickups $80,000 or less, and other vehicles costing $55,000 or less. Yes for CT1,CT2 and CT3. CT4 ???
From the Article:
In order for consumers to receive the full $7,500 for the purchase of a new electric vehicle, a portion of the minerals in that vehicle’s batteries will need to be extracted or refined from countries with free trade agreements with the United States.
Part of the credit is also tied to a percentage of battery components being manufactured in North America.
Experts and industry players have indicated that these provisions — particularly the critical minerals piece — represents a high bar, and may hamper electric vehicle adoption in the short term.
The Manchin-Schumer bill gives tax credits worth up to $7,500 to consumers to incentivize the purchase of new EVs, but half of those credits — amounting to $3,750 — is dependent on where the minerals in its batteries come from.
The legislation mandates that 40 percent of the value of the minerals used in the electric vehicles’ batteries are extracted or processed from countries where the U.S. has a free trade agreement, and ratchets up over time.
For 2024, it increases to 50 percent, and continues upward until 2027, when 80 percent of the minerals used must come from these countries.
An auto industry source told The Hill they believe there are currently no electric vehicles on the market that meet this requirement.
The bulk of the world’s mineral refining is done in China.
Caps on both consumer income and vehicle value — which limit the credits to vans, SUVs and pickups $80,000 or less, and other vehicles costing $55,000 or less — are also posing hurdles for some automakers.
Jim Chen, Rivian’s vice president of public policy, said that based on his company’s current trajectory, the credit wouldn’t be able to work for the company’s consumers until 2025, because its vehicles are too expensive.
“The new proposal pretty much cuts us off at the knees. … It basically renders our vehicles ineligible,” said Chen, noting that his company was also pushing for changes.
Manchin deal could raise new hurdles for electric vehicle incentives | The Hill
| Manchin deal could raise new hurdles for electric vehicle incentives | The Hill The Manchin-Schumer bill gives tax credits worth up to $7,500 to consumers to incentivize the purchase of new EVs, however half of those credits — amounting to $3,750 — is dependent on where ... thehill.com |
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