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☆ US to limit Chinese firms, battery parts from winning EV tax credits
  + stars: | 2023-12-01 | by ( David Shepardson David Lawder | David Shepardson | David Lawder | ) www.reuters.com   time to read: +3 min
REUTERS/Rebecca Cook/File Photo/File Photo Acquire Licensing RightsWASHINGTON, Dec 1 (Reuters) - The Biden administration on Friday issued-long awaited guidance that will limit Chinese content in batteries eligible for electric vehicle tax credits starting next year. The FEOC rules come into effect in 2024 for completed batteries and 2025 for critical minerals used to produce them. Treasury said the few materials being exempted each account for less than 2% of the value of battery critical minerals. The rules are expected to further reduce the number of electric vehicles eligible for EV tax credits. Earlier this year, new battery and mineral sourcing requirements took effect with price and buyer income eligibility caps from Jan. 1.
Persons: Rebecca Cook, Biden, Joe Manchin, Manchin, David Shepardson, David Lawder, Chizu Organizations: Motors, Bolt, Orion Assembly, REUTERS, Rights, U.S, Treasury, Alliance, Automotive Innovation, Ford Motor, The Energy Department, Companies, Energy, Thomson Locations: Lake Orion , Michigan, U.S, China, Michigan, North Korea, Russia, Iran, North America, Washington
☆ US unveils stricter EV tax credit rules to take effect April 18
  + stars: | 2023-03-31 | by ( David Shepardson David Lawder | David Shepardson | David Lawder | ) www.reuters.com   time to read: +4 min
WASHINGTON, March 31 (Reuters) - The U.S. Treasury Department on Friday unveiled stricter electric vehicle tax rules that will reduce or cut tax credits on some zero-emission models but grant buyers another two weeks before the new requirements take effect. The EV battery sourcing guidance issued on Friday triggers new requirements for critical minerals and battery components and takes effect for vehicle purchases starting April 18. The government will publish by April 18 a revised list of qualifying models and tax credit amounts. The $430 billion Inflation Reduction Act (IRA) signed by Biden in August eliminated manufacturer's EV sales caps but imposed new conditions on EV credits. Republican Senator Marco Rubio introduced legislation this month seeking to block EV tax credits for batteries produced using Chinese technology, saying it would "significantly restrict the eligibility of IRA tax credits and prevent Chinese companies from benefiting."
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