No electrical automobiles in the marketplace at present qualify for the brand new EV tax credit score

Congress is poised to approve newly expanded tax credit for electrical automobiles, however the guidelines are written in such a manner as to successfully disqualify each EV that’s at the moment in the marketplace at present.

That’s as a result of most EVs run on lithium-ion batteries which can be largely made in China. The nation has a lock on some 76 p.c of the battery market at present (the US solely represents eight p.c). And to get a deal handed in a deadlocked Senate, Democrats agreed to provisions that might require eligible automobiles to make use of batteries which can be made in North America.

The Inflation Discount Act of 2022, which handed the Senate this weekend in a party-line vote, would require batteries to have no less than 40 p.c of supplies sourced from North America or a…

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