U.S. car trade group cautions EV tax proposition would make 70% disqualified By Reuters

© Reuters. SUBMIT PICTURE: The brand-new GM logo design is seen on the exterior of the General Motors head office in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook

WASHINGTON (Reuters) – A group representing General Motors (NYSE:), Toyota Motor (NYSE:), Volkswagen (ETR:) and other significant car manufacturers cautioned late on Friday that a U.S. Senate Democratic proposition to revamp the $7,500 electrical lorry tax credit would make most designs disqualified.

Automakers have actually been independently cautioning that the proposition’s requirements for battery and important mineral sourcing would make lots of electrical cars disqualified.

John Bozzella, who heads the Alliance for Automotive Innovation, stated a proposition from Senators Chuck Schumer and Joe Manchin, would have alarming effects.

Of 72 electrical, plug-in hybrid and fuel cell EVs “70% of those EVs would immediately become ineligible when the bill passes and none would qualify for the full credit when additional sourcing requirements go into effect.”


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