U.S. Automakers expressed concern Friday that under a recent Democratic proposal, most EV models available for purchase in the United States would be ineligible for a $7500 tax credit. Partnerships with friends and allies in North America and beyond will be necessary,” Bozzella wrote. “Tell (automakers) to get aggressive and make sure that we’re extracting in North America, we’re processing in North America and we put a line on China,” he said Tuesday, according to Reuters. Without the tax credit, the cost of electric vehicles could dissuade many American consumers, impacting demand and sales. This could slow President Joe Biden’s target to have half of all new vehicles sold be electric or plug-in hybrid models by 2030, Reuters stated.

Source: Wall Street Journal August 06, 2022 13:36 UTC