Treasury Secretary Janet Yellen said President Joe Biden's Inflation Reduction Act has spurred a"boom" in the EV sector.
Biden has also reportedly reined in his EV push, extending the deadline for aggressive restrictions on greenhouse gas emissions from vehicles.at a new $49 million EV battery factory built by Advanced Nano Products, a battery supplier that will receive tax credits from Biden's Inflation Reduction Act for the new clean energy facility.
The initial investor excitement around EVs was spurred in part by cheap money from low interest rates, as well as Biden's Inflation Reduction Act, which introduced tax credits for both consumers who purchased all-electric vehicles and for the companies that produced them."The great American road trip is going to be fully electrified," Biden said optimistically at a Michigan event in September 2022.
Officials now are adjusting those rules for a more gradual increase in EV production, which would extend the emissions reduction timeline to roughly 2055,
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Source: cleantechnica - 🏆 565. / 51 Read more »
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