GM says it can't meet EV tax credit made in US requirement

GM says it can't meet EV tax credit made in US requirement

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[Leon-cvrw]

Manchin is in the oil industry. His goal is to subsidize hybrids so people will choose petrol cars over EVs.

[dougj]

The best part of the new EV tax credit plan is the aggressive requirement on sourcing. If it takes the OEMs a few years to qualify the credits, all the better. It would be pointless to pay them $7500 to continue what they're already doing.

[mitchellbarnow]

These rebates/tax credits were created to encourage people to buy electric cars, in my opinion they are plenty encouraged. Franchised dealerships will just add on more dealer markups and the direct sellers will just raise their prices. Spend these billions of dollars to help Tesla expand their Superchargers so much that all electric cars can use them.

[ssing]

“Word in the street”. Lol. You throw out videos as fast as Kayne says Kayne is awesome

[danieldench]

The mineral mining/refining requirements can come from any free trading partner in the US (including Chile, Australia), on a value-added basis according to the inflation reduction act.

[xiaoka]

Just to clarify some of the details on the ramp up -
——————-
Starting when the tax credits kick in at the start of 2023, 40% of these minerals in the car’s battery must be mined, processed, or recycled in the US or a free-trade partner. This ramps up over time, hitting 80% in 2026.

There’s also guidance about where the battery is actually made—starting in 2023, half the components need to be manufactured or assembled in North America. This reaches 100% by 2029.

Finally, a vehicle can be excluded from the tax credits if any mining, processing, or manufacturing for a battery is done by a “foreign entity of concern.” This requirement takes effect in 2024 for the battery components and in 2025 for critical minerals.


From - “EV tax credits could stall out on lack of US battery supply”

[Anthony__]

It’s my understanding that the inflation reduction Act which is being voted on today has no limits for units sold so sounds fair to me Sam. Love your channel buddy. Your voice is almost back

[cmac]

Ev credits passed in the US Senate today! It's a done deal!

[psv]

The taxcredit should work the other way round. First sell 200, 000 EVs then you start getting the credit.

[bigfatbaataed]

The thing you have to remember about Manchine is he owns a coal mine & his largest donations come from big oil, so I'm pretty sure he added these clauses just to make sure the tax credits would be mostly useless...

[teoengchin]

It won't make and senses of the cost incurred to qualify for the rebate is higher than the rebate...

[peterwright]

Joe Manchin doesn't want EVs to succeed. He is doing the bidding of the big companies who want the industry to stay with ICE vehicles because that is where their capital is invested. If he wanted to help local EV production he would straight out subsidise the local manufacture of EVs and parts. Under the new rules only about 11, 000 vehicles will qualify for a subsidy according to the Congressional Budget Office. The requirement that demands very high levels of US manufacture of vehicles will also greatly raise the costs of EVs and require big local investment so it probably won't happen. Big win for ICE - good one Joe, the fossil fuel lobby and the legacy ICE companies will give you high marks for this one.

[markthomas]

Yes. There is no demand issue. Investing in the value chain is valid as a national security issue.

[ctuna]

The materials part of this law is not realistic in the current situation.
No US processing plants for lithium is the biggest concern.
Also the MSRP Caps are kind of lame. ICE car MSRP's are already in the MID 40's and things like ICE trucks are 50k and more.
California rebates are already useless for most Tesla's and need an inflation adjustment.

[MrGorgefla]

Hey Viking great observation. That is what I was able to deduce too. When Elon said thanks Joe Manchin he was not joking. The US and also Australia must produce the factors to make the batteries the cars and the solar panels. This is a existential problem and we cannot even wait until 2024. Until NIO and BYD have factories in the US and they can source materials here why should my Tax dollars subsidize them? Same thing with GM and the Mexico built Mach E.

[timsmith]

Starting reading the proposed bill and I realize the final version will be different. Not sure why GM is complaining. Canada and Mexico are part of America in the bill and the US has a FTA with South Korea so LG Chem batteries qualify for the tax credit. Did I miss something in the proposed bill?

[mrhickman]

As long as the EV manufacturers cannot meet the demand I see little need for an EV incentive. That said, I find the requirement to source batteries and battery materials from "favored trade" nations favorable. Assuming competent designs, the domestic manufacturers will have some years in which to develop the appropriate supply chains prior to needing to expand demand to match their growing capacity.

I understand the disappointment of those that would like an EV but either cannot afford or choose not to purchase at the current differential to ICE models, but the fact is there are enough individuals that choose to do so to support the next several years of capacity expansion.

While my children are likely to delay purchasing vehicles till qualified EV's are available, I feel the incentives as proposed will provide a more robust supply chain long-term.

[Dave-dm]

GM welded itself to LG Chem - the self-ignition battery cell manufacturer.

[krtrw]

Life’s tough when you don’t have American Made EVs!!!! Build in America and everyone in the states benefit :-)

[leroyharder]

There is plenty of demand and a subsidy is not necessary to put butts in seats. This subsidy is squarely aimed at kickstarting domestic production to reduce China's monopolistic position in this strategically important area. Ford and GM will get plenty of government help to make it happen. Tesla is on the way.