Some EV models may exceed sticker-price limits in the complex law, and it remains to be seen whether automakers will be able to find minerals or manufacture batteries that can qualify for the credits.
A Treasury official told reporters on a call Tuesday that the plan puts the U.S. 2030 climate goals within reach and will help ensure Americans can afford to buy an electric car.
“We are working overtime to localize our supply chains and ramp up production,” Chris Smith, chief government affairs officer at Ford, said in a statement. With the price of gas soaring, it might be time to look into buying an electric vehicle. And the cost might be more affordable than you may think. LX News storyteller Eric Rodriguez talks to experts to find out how the purchase price, incentives, and charging costs break down.
Under the $740 billion economic package that Biden signed into law, the tax credits would take effect next year. For an EV buyer to qualify for the full credit, 40% of the metals used in a vehicle’s battery must come from North America. By 2027, that required threshold would reach 80%. The idea behind the requirement is to incentivize domestic manufacturing and mining, build a robust battery supply chain in North America and lessen the industry’s dependence on overseas supply chains that could be subject to disruptions.
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