EV Tax Credits and Battery Sourcing Rules to Face Major Changes Next Week.
The U.S. Treasury is set to issue guidelines on electric vehicle battery sourcing, which could reduce or eliminate tax credits for many vehicles on the market today. The Inflation Reduction Act mandates that a $7,500 EV tax credit is only available to North American-assembled vehicles that meet certain local battery production and mineral extraction processing standards. Meanwhile, Ford plans to produce half a million F-150 Lightnings annually in Tennessee starting in 2025, and General Motors' Cruise self-driving taxi unit is seeking to expand its testing of autonomous vehicles throughout California. Additionally, the recently-retired CEO of Toyota will remain as head chair of the Japan Auto Manufacturers Association for one more year, and today marks the 34th anniversary of the Exxon Valdez oil spill.