Under the $430 billion climate, health care and tax bill that the House of Representatives is set to vote on Friday, rules governing the current $7,500 EV tax credit aimed at persuading consumers to buy the vehicles would be replaced by incentives designed to bring more battery and EV manufacturing into the United States.
However, U.S. Transportation Secretary Pete Buttigieg told Reuters in an interview this week: "This is ... going to be a very important long-term transformational policy to accelerate the EV revolution and to make sure it is a 'Made in America' EV revolution."The Biden administration must still write and finalize implementing regulations to handle some of the complex questions raised by the quick rewrite of the tax credit.
A Congressional Budget Office forecast estimated as few as 11,000 EVs may qualify for the tax credit in 2023.Volvo Car North America said just one of its models that currently qualify for EV tax credits will still qualify after the bill is signed. The only one in the short term that will qualify is the S60 Recharge, that is assembled in South Carolina, and even that may not qualify after Jan. 1.
Rivian encouraged would-be buyers in a letter to make $100 of their deposits non-refundable in order to qualify for the credit. Rivian executives said Thursday customers are ordering R1 trucks and SUVs with average prices of $93,000 - well above the cut-offs in the proposal before the House.
“Tesla and GM may not become eligible to offer tax credits … until Jan. 1. … which models - if any - will get the full $7,500 by meeting requirements that 40% of battery minerals come only from North America, or countries with which the United States has free trade agreements.”
EVs are (environmental) garbage, and can clearly only be forced on people/manufacturers.
Rivian encouraged would-be buyers in a letter to make $100 of their deposits non-refundable in order to qualify for the credit. Rivian executives …customers are ordering R1 trucks and SUVs with average prices of $93,000 - well above the cut-offs in the proposal before the House.
Scramble? It’s not even passed in the house and POTUS hasn’t signed it. Give us a break.