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The United States has issued a new rule that American electric vehicles using Chinese batteries will not enjoy tax exemption.

2024-04-25 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Shulou(Shulou.com)12/24 Report--

Thanks to CTOnews.com netizen Satomi Ishihara for happy clue delivery! CTOnews.com December 4 news, according to Bloomberg, Associated Press and other reports, local time Friday, the U.S. Treasury Department announced that starting next year, if the electric vehicles produced in the United States contain battery components manufactured or assembled in China and other countries, they will no longer be eligible for tax credits of up to $7500 (CTOnews.com Note: Currently about 53550 yuan) provided by the U.S. Inflation Reduction Act (IRA).

According to the new rules, from 2024, US clean vehicles eligible for tax exemption cannot contain battery assemblies manufactured or assembled by "foreign entities of concern"(FEOC). In addition, after 2025, compliant vehicles cannot contain key minerals such as nickel and lithium extracted, processed or recovered by such entities. Reported that the new regulation is aimed at companies in China, Russia and Iran and other countries. A company or group is considered a Foreign Entity of Concern (FEOC) if it is incorporated in these countries or if its state-owned portion reaches the threshold of 25%.

The Inflation Reduction Act, released last August, provides a $7500 federal tax credit for electric vehicles assembled in North America, but has strict standards for the origin of key minerals, components and the like in car batteries.

Starting in 2023, electric vehicles must have at least 50 percent of their battery components and materials manufactured or assembled in North America to qualify for the $3750 tax credit per vehicle. This proportion needs to reach 100% after 2029.

According to the New York Times, many of the previous provisions of the Inflation Reduction Act have made a large number of new energy vehicles ineligible for tax credits. For example, only about 20 out of every 100 cars sold in the U.S. meet the North American assembly requirement.

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