Analysis: Manchin doubles down on EV tax credits in climate law, despite trade tensions with Europe
to stop issuing tax credits for EVs that don’t comply with the climate law’s battery sourcing provisions.The law provides buyers of EVs a credit of up to $7,500 — but only if the vehicle’s battery components were made in North America.
To qualify for the full credit, the vehicle’s battery also must contain at least 40 percent critical minerals from the United States or a country with which the United States has a free-trade agreement.the rollout of these strict new requirements until March. But under Manchin’s bill, the requirements would retroactively take effect on Jan. 1.
“It is unacceptable that the U.S. Treasury … continues to make the full $7,500 credits available without meeting all of the clear requirements included in the Inflation Reduction Act,” Manchin said in a statement. “The IRA and the EV tax credits must be implemented according to the Congressional intent to ensure the United States, as the superpower of the world, is not beholden to countries that don’t share our values,” he added.The measure comes after several European leaders voiced frustration with America’s massive green-subsidy package at last week’s World Economic Forum meeting in Davos, Switzerland.
“It is no secret that certain elements of the design of the Inflation Reduction Act raised a number of concerns in terms of some of the targeted incentives for companies,”
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