FILE - A 2023 Ford Mustang Mach-E charges, Friday, March 8, 2024, at an electric vehicle charging station in London, Ohio. The Treasury Department announced final regulations for the credits under the 2022 Inflation Reduction Act on Friday, May 3, giving automakers more time to comply with some provisions about where battery minerals can come from. –
But qualifying for the credits depends on a person's income, the price of the vehicles and requirements related to battery makeup and minerals that get tougher each year. To get the credits, EVs must be assembled in North America. Some plug-in hybrids also can qualify. Starting in 2025, batteries with any critical minerals from nations of concern would not be eligible for any tax credits. But after getting comment from the auto industry and others, treasury officials decided to loosen that restriction.
“The EV transition requires nothing short of a complete transformation of the U.S. industrial base," John Bozzella, CEO of the Alliance for Automotive Innovation, a large industry trade group, said in a statement. “That’s a monumental task that won’t – and can’t – happen overnight.”At present, China dominates crucial parts of EV battery supply and production, even as automakers race to establish key mineral and components efforts elsewhere.
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