New EV tax credit rules mean cars with Chinese materials won't qualify — but there's a catch [Yahoo! Finance Canada]
Morgan Stanley (MS)
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Source: Yahoo! Finance Canada
Currently, the Inflation Reduction Act's (IRA) federal EV credit requires that manufacturers ramp up sourcing of battery "critical materials" such as nickel and cobalt from the US and its trade partners and ensure that battery components are increasingly built in North America. In addition to thresholds that increase over time for critical minerals, late last week Treasury released new rules mandating that manufacturers not use critical materials that originate from a Foreign Entity of Concern (FEOC) — including China, Russia, North Korea, or Iran — by 2025 if they want to receive the full EV tax credit. The White House's goal with the mandates was to reduce the industry's reliance on battery materials and components from China. China's chokehold over battery mineral production is the main concern for automakers who need to diversify supply chains and for the federal government as it looks to boost domestic production of these minerals. Morgan Stanley estimated that 90% of the EV
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- 4/16/24 - Beat
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