Yellen will tour a Livent Corp (LTHM.N) facility in Bessemer City, North Carolina, that processes lithium hydroxide, a key ingredient in electric vehicle batteries.
The plant near Charlotte is doubling its capacity due to increased demand for electric vehicles spurred by consumer tax credits of up $7,500 approved in the 2022 Inflation Reduction Act.
These include $142 billion in EVs and batteries and $71 billion in clean energy manufacturing, and she attributed much of the investment to tax credits in the inflation reduction act.
The Biden administration in coming days is expected to release new guidance on the levels of Chinese content that EV batteries can have and still qualify for IRA tax credits.
It will take time for this to fade and for people to feel the benefits of higher wages, he added.
Persons:
Janet Yellen, Joe Biden, Yellen, Biden, Donald Trump, Larry Sabato, we're, Sabato, David Lawder, Howard Schneider, Chizu
Organizations:
. Treasury, U.S, Livent Corp, Midwest, EV, University of Virginia's Center, Politics, Thomson
Locations:
North Carolina, Bessemer City , North Carolina, Charlotte, EVs, Argentina, Canada, U.S