Battery sourcing guidance might slash EV tax credits

News Snapshot:

The U.S. Treasury Department’s guidance on battery sourcing requirements for the electric vehicle tax credits will result in fewer vehicles being eligible for full or partial credits, reports Reuters, citing an unnamed U.S. official. The proposed EV credit guidance as included in the Inflation Reduction Act says that in order for vehicles to qualify for $3,750, which is half of the total credit, 50% of the value of battery components must be produced or assembled in North America. To get the remainder of the credit, 40% of critical minerals must be sourced from the U.S. or a country with which...