US battery sourcing guidance to cut some EV tax credits -official

WASHINGTON, March 29 (Reuters) – The U.S. Treasury Department’s long-awaited guidance on battery sourcing requirements for electric vehicle tax credits due out by Friday will result in fewer vehicles getting full or partial credits, a U.S. official told Reuters. In December, Treasury decided not to issue the proposed guidance on battery sourcing rules until March, effectively giving some EVs not meeting new requirements a few months of eligibility in 2023 before the rules take effect. That was sharply criticized by Senate Energy Committee chair Joe Manchin, a Democrat. The Biden administration believes that over time the tax credit will result…