{"id":84967,"date":"2022-11-26T17:47:00","date_gmt":"2022-11-26T21:47:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=84967"},"modified":"2022-11-29T14:00:13","modified_gmt":"2022-11-29T18:00:13","slug":"inflation-reduction-act-electric-vehicles","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/inflation-reduction-act-electric-vehicles\/","title":{"rendered":"How the Inflation Reduction Act Affects Electric Vehicles"},"content":{"rendered":"\n<p>How will the <a href=\"https:\/\/www.shortform.com\/blog\/inflation-reduction-act-drug-prices\/\">Inflation Reduction Act<\/a> affect electric vehicles (EVs)? Which EVs are eligible for the tax credit?<\/p>\n\n\n\n<p>With a $7,500 tax credit for the purchase of an electric vehicle, the Inflation Reduction Act aims to encourage more people to buy EVs, especially those made with U.S. resources. However, the bill creates difficulties for Asian and European car manufacturers for whom the U.S. market is essential.<\/p>\n\n\n\n<p>Keep reading to learn more about what the Inflation Reduction Act means for electric vehicles.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-inflation-reduction-act-electric-vehicles\">The Inflation Reduction Act &amp; Electric Vehicles<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/5376\/text\" target=\"_blank\" rel=\"noreferrer noopener\">Inflation Reduction Act<\/a> passed by the U.S. Congress in August includes a $7,500 tax credit to encourage people to buy electric vehicles (EVs), especially those made with U.S. labor and raw materials. But while it sounds straightforward, not everyone is happy with the plan. So, what does the Inflation Reduction Act mean for electric vehicles? Here\u2019s how it works: According to the Inflation Reduction Act, electric vehicle purchases can qualify for the full credit or a smaller $3,750 credit, depending on how well the cars fulfill <a href=\"https:\/\/www.ajc.com\/news\/warnock-introduces-ev-tax-credit-bill-to-give-grace-period-to-hyundai\/PJG5UR6OL5EIRJWKSA74LQADT4\/\" target=\"_blank\" rel=\"noreferrer noopener\">the following requirements<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The final assembly of the vehicle is done in the U.S., Canada, or Mexico.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Vehicle prices are capped at $80,000 for <a href=\"https:\/\/www.shortform.com\/blog\/huge-cars\/\">large vehicles<\/a> such as SUVs and $55,000 for small vehicles.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The buyer\u2019s income is no more than $150,000 a year or $300,000 for married couples.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Raw materials such as battery minerals don\u2019t come from \u201cforeign entities of concern,\u201d namely China, Russia, and Iran.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.csis.org\/analysis\/tale-two-policies-electric-vehicle-tax-credits\" target=\"_blank\" rel=\"noreferrer noopener\">50% of the value of the battery\u2019s components is sourced from the U.S.<\/a> Critical minerals can be sourced from the U.S. or a country with which the U.S. has a free trade agreement, or recycled in the U.S., Canada, or Mexico.<\/li><\/ul>\n\n\n\n<p>More restrictions are to be phased in during 2024 and 2025 to gradually increase the percentage of materials sourced in the U.S. as well as local <a href=\"https:\/\/www.shortform.com\/blog\/creating-new-jobs\/\">job creation<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-who-it-benefits\">Who It Benefits<\/h3>\n\n\n\n<p>The Inflation Reduction Act&#8217;s advocates argue that <a href=\"https:\/\/apnews.com\/article\/technology-electric-vehicles-global-trade-0a447b7dc74048dc8079e1b00f83ded9\" target=\"_blank\" rel=\"noreferrer noopener\">the tax credit will benefit U.S.-based electric vehicle businesses, from mining to manufacturing<\/a>. In fact, U.S. car manufacturers have reacted positively to the tax credits.<\/p>\n\n\n\n<p>GM and Ford are both making moves to ensure their EVs will be eligible for the tax credit&#8211;Ford has even begun building a battery plant in Kentucky to that end. Tesla, too, has come out in favor of the credit, despite early opposition: The company initially expressed concern that the credit would benefit its competitors more than itself, but more recently has praised the legislation as consistent with the company&#8217;s mission.<\/p>\n\n\n\n<p>In addition, U.S. mining and manufacturing companies are happy that the credit will <a href=\"https:\/\/apnews.com\/article\/technology-electric-vehicles-global-trade-0a447b7dc74048dc8079e1b00f83ded9\" target=\"_blank\" rel=\"noreferrer noopener\">strengthen the North American battery supply chain<\/a> by reducing its <a href=\"https:\/\/www.shortform.com\/blog\/maturity-continuum-7-habits\/\">dependence<\/a> on China, which produces <a href=\"https:\/\/www.wsj.com\/articles\/u-s-electric-vehicle-tax-breaks-rile-asian-european-allies-11664883061\" target=\"_blank\" rel=\"noreferrer noopener\">over 50% of the world\u2019s minerals needed for EV batteries<\/a>. (They acknowledge, however, that building a resilient supply chain will take time: It takes over a decade to bring a new mining company to production, so U.S.-based mining companies will not be able to supply local producers for a while. In the meantime, <a href=\"https:\/\/www.csis.org\/analysis\/tale-two-policies-electric-vehicle-tax-credits\" target=\"_blank\" rel=\"noreferrer noopener\">manufacturers will have to rely on Canada, Chile, and the Democratic Republic of the Congo<\/a>.)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-who-it-hurts\">Who It Hurts<\/h3>\n\n\n\n<p>However, despite its positives, the Inflation Reduction Act creates difficulties for Asian and European car manufacturers for whom the U.S. market is essential. The Japanese government commented that <a href=\"https:\/\/www.wsj.com\/articles\/u-s-electric-vehicle-tax-breaks-rile-asian-european-allies-11664883061\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cfriendly nations\u201d have been working together to build resilient supply chains without reliance on China<\/a>, and that the Inflation Reduction Act&#8217;s focus on North American electric vehicles undermines that work.&nbsp;<\/p>\n\n\n\n<p>Further, Asian and European representatives argue that <a href=\"https:\/\/www.wsj.com\/articles\/u-s-electric-vehicle-tax-breaks-rile-asian-european-allies-11664883061\" target=\"_blank\" rel=\"noreferrer noopener\">the bill breaks a World Trade Organization rule forbidding countries from discriminating against or among imports<\/a>. It also <a href=\"https:\/\/www.csis.org\/analysis\/tale-two-policies-electric-vehicle-tax-credits\" target=\"_blank\" rel=\"noreferrer noopener\">violates a rule on subsidies by making the credit dependent on the product being manufactured in North America<\/a>. It\u2019s likely that the U.S. will be sued in the WTO by the EU, Korea, and Japan and lose, but it\u2019s unclear how the conflict will be resolved as both parties have recourse for appeals. Ultimately, <a href=\"https:\/\/www.csis.org\/analysis\/tale-two-policies-electric-vehicle-tax-credits\" target=\"_blank\" rel=\"noreferrer noopener\">the biggest hit the United States takes might be to its credibility as an upholder of international trade rules<\/a>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-hyundai-isn-t-happy\">Hyundai Isn\u2019t Happy<\/h4>\n\n\n\n<p>Perhaps most concerned is South Korea, whose flagship car manufacturer Hyundai produces the second most popular EVs after Tesla. But the restrictions requiring U.S.-based manufacture leave all current Hyundai cars out of the tax credit.&nbsp;<\/p>\n\n\n\n<p>Hyundai has a powerful bargaining chip, however: It\u2019s recently begun <a href=\"https:\/\/abcnews.go.com\/Politics\/wireStory\/hyundai-breaks-ground-55b-electric-car-plant-georgia-92073934\" target=\"_blank\" rel=\"noreferrer noopener\">construction of a $5.5 billion factory in Georgia<\/a> that\u2019s expected to generate over 8,000 jobs. South Korea\u2019s ambassador said the tax credit\u2019s implicit exclusion of current Hyundai cars is unfair, considering the company\u2019s ongoing investments in the U.S. They have an ally in Georgia Senator Raphael Warnock (D). While he stands by the Inflation Reduction Act, <a href=\"https:\/\/www.ajc.com\/news\/warnock-introduces-ev-tax-credit-bill-to-give-grace-period-to-hyundai\/PJG5UR6OL5EIRJWKSA74LQADT4\/\" target=\"_blank\" rel=\"noreferrer noopener\">Warnock has introduced another bill pushing back the date on which electric vehicle tax credits would take effect<\/a>. If Warnock\u2019s bill passes, it would give Hyundai and other foreign companies more time to meet requirements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-next-for-electric-vehicles\">What\u2019s Next for Electric Vehicles?<\/h3>\n\n\n\n<p>As the U.S. Treasury writes the rules for the new legislation, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-24\/yellen-tempers-expectations-for-major-ev-tax-credit-tweaks?leadSource=uverify%20wall&amp;sref=mIZ1p2Gz\" target=\"_blank\" rel=\"noreferrer noopener\">Treasury Secretary Janet Yellen has made clear that its job is to implement the legislation as written<\/a>, and there isn\u2019t much room for accommodations or exceptions. Some argue that <a href=\"https:\/\/www.csis.org\/analysis\/tale-two-policies-electric-vehicle-tax-credits\" target=\"_blank\" rel=\"noreferrer noopener\">foreign manufacturers will simply have to adapt<\/a> by meeting the requirements found in the Inflation Reduction Act or by making their electric vehicles affordable enough that they remain eligible for the tax credit.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">It Depends on Batteries<\/h4>\n\n\n\n<p>The materials needed to make batteries are expensive and in limited supply. Recycling will help manufacturers maintain access to these materials, and will lower costs\u2014sourcing materials from used products is often easier and cheaper than extracting them from the ground.&nbsp;<\/p>\n\n\n\n<p>This will become even more important as global demand for raw materials skyrockets and companies (and countries) without their own supplies struggle to source them. Some analysts forecast that demand for battery materials will exceed supply in less than three years, leading to a crunch that might echo the oil embargo of the 1970s that sent prices soaring. Exacerbating this would be the fact that such a crunch would be prolonged\u2014while it\u2019s easy to quickly \u201cturn on\u201d oil spigots, it\u2019s not so easy to find, mine, and extract cobalt, nickel, or any of the other rare metals used in the manufacture of EV batteries.<\/p>\n\n\n\n<p>For this reason, several countries, including China, are developing robust recycling programs. U.S. officials warn that without investment in such a program, the country risks falling behind in the coming decade.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">U.S. Governmental Response<\/h4>\n\n\n\n<p>The Biden administration has signaled support for the electric vehicle industry, setting a goal for all new cars to be electric by 2035. It has earmarked money for upgrades to the country\u2019s aging electrical grid and for the building of a national charging network. It\u2019s also put some money aside to develop a battery recycling program.&nbsp;<\/p>\n\n\n\n<p>Critics say the budget doesn\u2019t go far enough, but they acknowledge it\u2019s a decent start. Naturally, of course, any governmental efforts can only ever be a start\u2014the rest will be up to car manufacturers, who are, prompted by unleashed consumer demand, highly incentivized to meet the challenges facing the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How will the Inflation Reduction Act affect electric vehicles (EVs)? Which EVs are eligible for the tax credit? With a $7,500 tax credit for the purchase of an electric vehicle, the Inflation Reduction Act aims to encourage more people to buy EVs, especially those made with U.S. resources. However, the bill creates difficulties for Asian and European car manufacturers for whom the U.S. market is essential. Keep reading to learn more about what the Inflation Reduction Act means for electric vehicles.<\/p>\n","protected":false},"author":19,"featured_media":84977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,31,275],"tags":[727],"class_list":["post-84967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-money","category-politics","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the Inflation Reduction Act Affects Electric Vehicles - Shortform Books<\/title>\n<meta name=\"description\" content=\"What does the Inflation Reduction Act mean for electric vehicles in the U.S.? 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