{"id":128695,"date":"2022-08-06T07:37:24","date_gmt":"2022-08-06T07:37:24","guid":{"rendered":"https:\/\/fin2me.com\/?p=128695"},"modified":"2022-08-06T07:37:24","modified_gmt":"2022-08-06T07:37:24","slug":"automakers-say-70-of-ev-models-dont-qualify-for-tax-credit-under-senate-bill","status":"publish","type":"post","link":"https:\/\/fin2me.com\/politics\/automakers-say-70-of-ev-models-dont-qualify-for-tax-credit-under-senate-bill\/","title":{"rendered":"Automakers say 70% of EV models don't qualify for tax credit under Senate bill"},"content":{"rendered":"

<\/picture> video<\/span> <\/p>\n

Fox Business Flash top headlines for August 5<\/h2>\n

Check out what’s clicking on FoxBusiness.com.<\/p>\n

Buyers of a majority of electric-vehicle models would not qualify for a $7,500 tax credit under a Democratic proposal in the U.S. Senate.<\/p>\n

That's according to a group of major automakers.<\/p>\n

Automakers have been privately concerned about the proposal's requirements for vehicles' batteries and critical-mineral contents to be sourced from the United States.<\/p>\n

The July 27 proposal by Senators Chuck Schumer and Joe Manchin would make 70% of U.S. electric, plug-in hybrid and fuel-cell EVs ineligible upon passage, according to John Bozzella, heads of the Alliance for Automotive Innovation.<\/p>\n

AMAZON, RIVIAN START ROLLING OUT ELECTRIC DELIVERY VANS<\/strong><\/p>\n

<\/picture>\n

Senator Joe Manchin, a Democrat from West Virginia and Senate Majority Leader Chuck Schumer (D-NY).<\/span> (Kent Nishimura \/ Los Angeles Times via Getty Images \/ Getty Images)<\/span><\/p>\n

The group represents General Motors, Toyota Motor, and Ford Motor among others.<\/p>\n

"None would qualify for the full credit when additional sourcing requirements go into effect," he said.<\/p>\n

Car makers want significant changes to the proposal, which is part of a larger drug pricing, energy and tax bill.<\/p>\n

<\/picture>\n

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, on March 16, 2021.\u00a0<\/span> (REUTERS\/Rebecca Cook \/ Reuters Photos)<\/span><\/p>\n

Without the tax credit, the vehicles become more costly for American consumers.<\/p>\n

President Biden has a target of having half of all new vehicles sold be electric or plug-in hybrid models by 2030.<\/p>\n

ELECTRIC CAR COMPANY REVEALS WHY PEOPLE REALLY BUY ELECTRIC CARS<\/strong><\/p>\n

An analysis by the Congressional Budget Office on Wednesday suggested just 11,000 new EVs would use the credit in 2023.<\/p>\n

<\/picture>\n

Walmart and Electrify America announced more than 120 charging stations have been added to stores in 34 states.<\/span> (Walmart)<\/span><\/p>\n

Manchin and Schumer's offices did not immediately comment. The Senate could vote as soon as Saturday on the bill.<\/p>\n

The bill includes rising requirements for the percentage of battery components originating from North America based on value. After 2023, it would disallow batteries with any Chinese components.<\/p>\n

CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/p>\n

The group would rather see a more gradual phase-in of the battery component, critical mineral and final assembly requirements.<\/p>\n

Reuters contributed to this report.<\/i><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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