Biden grants automakers some flexibility on battery minerals in final EV tax credit rules
by Andrew J. Hawkins from The Verge - All Posts on (#6MHXJ)
Image: Hugo Herrera / The Verge The Biden administration is giving automakers a little leeway around some of the strict rules regarding eligibility for the government's $7,500 tax credit.
The final guidance, which was released today, gives car companies a two-year exemption from provisions in the Inflation Reduction Act (IRA) intended to disqualify EVs with battery minerals from countries like China, Russia, Iran, and North Korea - so-called foreign entities of concern" (FEOC).
The exemption only applies to impracticable-to-trace" battery minerals, like graphite, which frequently comes from China. Those materials are exempt from the rules until 2027, the Treasury Department said today.
The exemption only applies to impracticable-to-trace" battery minerals
Other...