Auto incentives are complicated in Italy? Compared to those that will go into operation in the United States, probably not. The US Senate approved the defined package Inflation Reduction Act, a bill that uses 400 billion dollars to reduce the impact of inflation and act on the environment. The energy sectors and also the automotive sector are involved, as the system on the tax credit for the purchase of new electric vehicles is changing.
President Joe Biden he should sign the executive acts in this month of August, after the approval of the House, which has a Democratic majority, too. In essence, some current incentive restrictions will be eliminated, renewing the tax credit until 2032. Today this credit stands at $ 7,500 with the manufacturer’s threshold of 200,000 electrified cars sold. The threshold had been crossed by Tesla, General Motors and Toyota. The bond will disappear from January 2023. For the disbursement of the credit, the list prices cannot exceed the quota of 55,000 dollars for sedans and 80,000 dollars for SUVs and pick-ups, and only buyers with an annual income not exceeding 150,000 dollars can benefit from it.
However, there is a new quibble, and not insignificant: Manufacturers will have to assemble the cars in North America in order to access the tax benefitsusing minerals for batteries mined in the United States or in countries that have a free trade agreement (e.g. Japan and NATO members). According to the builders, only this norm will cut by 70% electric, fuel cell or plug-in cars that will be able to take advantage of the tax credit. This is supported in particular by John Bozzella, head of the Alliance for Automotive Innovation association (he also represents GM and Ford). According to reports ReutersBozzella argues that the law will not allow the United States to achieve its climate goals in terms of reducing CO2 emitted by the world of transport.
The mineral norm is of obvious origin: an attempt is made to combat dependence on China by convincing car manufacturers to source their supplies elsewhere. The economic war with the Chinese has long since started, and this is a very difficult battle to win, considering its power in the mining sector.
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