EV Tax Credits Slashed, Impacting Tesla, Ford, and China's Supply Chains
TL;DR Summary
Electric vehicles with batteries containing minerals and materials sourced from China will no longer be eligible for the $7,500 federal EV tax credit starting January 1, 2024, according to new guidelines from the IRS. This will impact popular EV models such as the Ford Mustang Mach-E and certain versions of the Tesla Model 3. The move aims to reduce American battery dependency on China and promote the domestic EV sector, but it may shrink the pool of EVs eligible for the tax credit in the short term. Automakers are investing in US battery plants and supply chain diversification to comply with the new requirements.
- A bunch of EVs are going to lose their tax credit starting January 1st The Verge
- Tax credits for Tesla Model 3 and other EVs slashed starting next year Yahoo Finance
- China Metals Firms See US Rules Unlikely to Upend Supply Chains Bloomberg
- You don’t get ‘Made in USA’ EVs without China Moneycontrol
- Ford Mustang Mach-E to lose EV tax credit Electrek.co
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