Posted on 08/06/2022 3:38:53 AM PDT by Libloather
Buyers of a majority of electric-vehicle models would not qualify for a $7,500 tax credit under a Democratic proposal in the U.S. Senate.
That's according to a group of major automakers.
Automakers have been privately concerned about the proposal's requirements for vehicles' batteries and critical-mineral contents to be sourced from the United States.
The July 27 proposal by Senators Chuck Schumer and Joe Manchin would make 70% of U.S. electric, plug-in hybrid and fuel-cell EVs ineligible upon passage, according to John Bozzella, heads of the Alliance for Automotive Innovation.
The group represents General Motors, Toyota Motor, and Ford Motor among others.
"None would qualify for the full credit when additional sourcing requirements go into effect," he said.
Car makers want significant changes to the proposal, which is part of a larger drug pricing, energy and tax bill.
Without the tax credit, the vehicles become more costly for American consumers.
resident Biden has a target of having half of all new vehicles sold be electric or plug-in hybrid models by 2030.
(Excerpt) Read more at foxbusiness.com ...
EV tax credits are a payoff to the EV manufacturers.
Buyers who get the credits benefit, but the government has to collect more tax to pay for the payoff or else they have to print more phony Biden Bucks. Hence, larger deficits, more inflation, more Bidenism.
I’m not going to waste 35 minutes listening to Saint Elon, who got rich working the carbon credit scam.
How ‘bout a summary?
Enlightenment is not a waste. Remaining ignorant is a problem to be remedied by enlightenment
Precis........ Tesla has sold > 3 million cars and is presently making significant profits. By the end of this, Tesla will be delivering cars at an annual rate of 2 million cars per year from giga factories in Germany, Texas and Shanghai
Manufacturers = United Autoworkers Union
Well, that $7,500 tax credit needs to end anyway.
Of course, the manufacturers realize sales will plummet if the do-gooders actually have to pay for the cars!
Resident Biden has a target of having half of all new vehicles sold be electric or plug-in hybrid models by 2030.
Cars with last two license plate digits ending in even numbers can only charge them on Mon wWed Fri plates with odd numbers can only charge on Tue Thur Fri no charging on week ends due to system demand problems.
Good. I don’t like paying for those chemical polluters.
The Manchin/Schumer ”Inflation Reduction Act“ keeps and extends the $7,500 tax credit on electric vehicles and removes the numerical cap but there are a number of stipulations related to obtaining the full credit, one of which is where the battery materials are made. To qualify for the credit, an increasing share of a vehicle’s battery minerals such as lithium and nickel must be extracted or processed in the United States or in a country with which the United States has a free-trade agreement, starting at 40 percent in 2023 and increasing to 80 percent in 2027. The other half of the credit will only be available for vehicles in which a majority of its battery components are made in North America, starting at 50 percent in 2023 and growing to 100 percent by 2029. The credit ends on December 31, 2032.
>See my tagline. I believe it applies now more than ever.
Correct. WEF and others have already ‘declared’ that private car ownership needs to go away, as with most ownership. Therefore rules that you can only own X and not Y, and other rules to ensure no X can be produced but only Y. Neo-nobility excused of course.
“Tesla is coming on hard with lower prices and unbeatable cars manufactured at the rate of 2 million per year.”
I think I hear a fanboy talking....not as bad as government propaganda but irritating nonetheless.
After Musk puts men on the moon I will start listening to him—well Mars would be OK too...
;-)
Without the tax credit, the vehicles become more costly for American consumers.
The unknowns are exactly how and when.
In our lifetime we have observed a major world power go bankrupt. what happened afterwards?
The tax credit is blatant taxing the poor (lower middle class, blue collar) to pay for the relatively rich (upper middle class, white collar).
Tesla is non-union.
They don’t care about the environmental damage to planet with strip mining, the child labor, the cancer, the water pollution that it will cause to have their EV’s. China is the winner in all of this, thus the ties to Biden/Hunter I’m sure going to get richer. China will control the raw materials along with other countries. Eventually the planet will run out of the raw materials unlike natural gas supplies around the world.
Where is the GOP talking non stop about the climate change issue and the EV damage from strip mining? I wish GOP WOULD gather on the steps of Capital and have news media about all of it. But they never do. All you see are the Dems in mass on the capital steps preaching to the Americans.
Similar to EU prohibiting the refining of battery components in the EU.
I am only hoping that this continues to be the cluster fluck that it is.
I am dismayed that somehow we need Charles Payne to tell us that the whole EV thing and for that matter the net zero thing are both scams.
Sounds like globull warming come climate change, another scam.
Save the grid, phase out EV’s
Sean Hannity is all about Sean Hannity.
If I have to hear how he worked in construction one more time I’m gonna take hostages.
I also fear Jessie Watters is going down the same road.
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