Bloomberg New Energy Finance
calculates that credit will reduce the cost of manufacturing battery packs by a third. The result of those two tax incentives will be lower costs for manufacturers of electric cars and presumably those costs will be passed along to consumers all across America no matter what tax bracket they are in.
Critical materials and minerals produced in the US also get a 10% tax credit under the new law. Not only will that benefit mining companies that produce nickel, lithium, copper, and other minerals in the US, it will give a boost to battery recycling companies like Redwood Materials and Li-Cycle that are extracting critical materials from used batteries so they can be used to make new products.
We love electric news about around EVs being more affordable 🙌🏼