How the Inflation Reduction Act of 2022 impacts the US EV ecosystem
Complying with the new regulations is going to be challenging even for the OEMs that have a robust mineral sourcing strategy
On 7 August 2022, Democrats in the US Senate passed the Inflation Reduction Act of 2022, which aims to not only take control of rising inflation by reducing the fiscal deficit but also invest in domestic manufacturing of renewable energy and electric vehicles (EVs), secure the necessary supply chain, and cut down the carbon footprint by roughly 40% by 2030.
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