Proposed "EV Bill" What you need to know...
Here is a quick summary of the new proposed EV Bill
These are the main requirements that will change and make the EV tax credits more restrictive:
Final assembly needs to take place in North America
MSRP needs to be below $55,000 for cars, and below $80,000 for trucks and SUVs
Battery material sourcing must be sourced from U.S. or free-trade partners, with phase-in starting in 2024
Tax credit of up to $7,500 for new electric vehicles and up to $4,000 for used electric vehicles through 2032
$370 billion in energy and climate programs over the next 10 years including incentives to expand renewable energy and electric vehicles.
The bill, which still needs House approval, requires that new electric vehicles meet stringent sourcing requirements for critical materials, the components of the battery, and final assembly to qualify for the tax credits. While some automakers, like Tesla and GM, have well-developed domestic supply chains, no electric vehicle manufacturer currently meets all the bill’s requirements.
Looking forward to seeing the updates and changes and seeing how many potential jobs this brings to the United States in addition to see how the Us automakers will react.