{"id":11944,"date":"2022-08-09T14:51:57","date_gmt":"2022-08-09T14:51:57","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/08\/09\/no-electric-vehicles-on-the-market-today-qualify-for-the-new-ev-tax-credit\/"},"modified":"2022-08-09T14:51:58","modified_gmt":"2022-08-09T14:51:58","slug":"no-electric-vehicles-on-the-market-today-qualify-for-the-new-ev-tax-credit","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/08\/09\/no-electric-vehicles-on-the-market-today-qualify-for-the-new-ev-tax-credit\/","title":{"rendered":"No electric vehicles on the market today qualify for the new EV tax credit"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/8\/8\/23296678\/ev-tax-credit-qualify-battery-supply-chain-china<\/a>
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Congress is poised to approve newly expanded tax credits for electric vehicles<\/a>, but the rules are written in such a way as to effectively disqualify every EV that\u2019s currently on the market today. <\/p>\n

That\u2019s because most EVs run on lithium-ion batteries that are mostly made in China. The nation has a lock on some 76 percent of the battery market today (the US only represents 8 percent). And to get a deal passed in a deadlocked Senate, Democrats agreed to provisions that would require eligible vehicles to use batteries that are made in North America. <\/p>\n

The Inflation Reduction Act of 2022, which passed the Senate this weekend in a party-line vote, would require batteries to have at least 40 percent of materials sourced from North America or a US trading partner by 2024 in order to be eligible for a $7,500 tax break. By 2029, battery components would have to be 100 percent made in North America. <\/p>\n

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