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Inflation Reduction Act mandates escalating battery critical mineral requirements to qualify for EV tax credit

Green Car Congress

The Inflation Reduction Act , which the Senate passed last week, revamps the electric vehicle Federal tax credit of $7,500 ( earlier post ). Among the changes are an extension of the tax credit through 2032, the removal of the unit-sales cap of 200,000 per OEM, and a new mandate for qualified cars being assembled in North America.

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Biden Administration mulls over reprieve from EV tax credits for automakers

Teslarati

One of the biggest concerns about the IRA’s requirements for EV tax credit eligibly regards battery packs, cells, and the materials used to manufacture them. In March, the United States Department of Treasury published the battery sourcing guidance, which automakers must comply with to reap the tax credits from the IRA.

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Fisker scraps direct sales and turns to auto dealers for sales

Teslarati

The startup is now turning to auto dealerships for sales and services. “I went to my accounting department and asked what is the cost of selling a car? “I went to my accounting department and asked what is the cost of selling a car? Fisker wants auto dealers to sell the company’s all-electric Ocean crossover.

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SK Innovation Q2 profit tops forecast, battery unit eyes EV demand recovery – ET Auto

Baua Electric

. “While we saw drops in EV battery shipment in the first quarter caused by customers’ battery inventory adjustment, we expect to see improved market environment backed by launches of new EVs in North America,” SK On Chief Financial Officer Kim Kyunghoon said in a post-earnings conference call.

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Hertz’s EV sale to fan cost concerns, dampen used-car market – ET Auto

Baua Electric

“The larger impact of Hertz EV fire sale is the perception hit to the technology,” said Karl Brauer, analyst at used-car aggregator iSeeCars.com. Now their image could take another hit as rental giant Hertz dumps 20,000 of them, including Teslas, for gas-powered cars. Hertz, the largest U.S.

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The US and EU take different approaches to the threat of Chinese EV imports – Charged EVs

Baua Electric

Governments in North America and Europe are seriously concerned about China’s growing dominance of the EV industry. Chinese automaker BYD recently surpassed Tesla as the world’s leading seller of EVs, and it’s only one of several Chinese-owned brands that are already selling cars in the US and the EU.

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Lease Buyout Offers Loophole to EV Incentive Restrictions

EV Life

As we enter the age of the electric car, federal and state governments have created a variety of programs , rebates, and grants to incentivize drivers to make the switch to zero-emission vehicles. Two sections of the law, 30D and 45W, detail individual tax credits and commercial tax credits, respectively.