Inflation Reduction Act in US proposes new material sourcing conditions for EV tax credit qualification
Critical EV battery and motor materials will need to be processed in the US or in a FTA partner country for the tax credit to apply
The US Senate on 7 August passed the Inflation Reduction Act, a USD740 billion economic package that extended the US electric federal tax credit system to 2032, removed the credit system’s cap for individual automakers, and added new material sourcing conditions for qualification of the credit.
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