U.S. government gives EV makers two year reprieve on FEOC graphite for batteries

seekingalpha05-03

The U.S. Treasury and Internal Revenue Service have extended tax credits for electric vehicles containing Chinese graphite for another two years allowing EV makers more flexibility to manufacture and ...

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for batteries\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-03 22:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4099762-us-government-gives-ev-makers-two-year-reprieve-feoc-graphite-batteries><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The U.S. Treasury and Internal Revenue Service have extended tax credits for electric vehicles containing Chinese graphite for another two years allowing EV makers more flexibility to manufacture and ...</p>\n\n<a href=\"https://seekingalpha.com/news/4099762-us-government-gives-ev-makers-two-year-reprieve-feoc-graphite-batteries\">Source 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As part of President Biden’s Inflation Reduction Act, an EV credit was offered to vehicles that did not contain materials and minerals that originated in Foreign Entit[ies] of Concern like China, Iran, North Korea, and Russia. Since the majority of the graphite used to make EV batteries comes from China, vehicles eligible for the tax credit was expected to drop dramatically after 2025.  Friday’s ruling will expand the timetable to use graphite and other critical minerals until 2027, giving EV makers much needed breathing room to locate other sources of critical minerals that do not fall within FEOC restrictions.  In order to qualify for the extension, manufacturers must show that they are attempting to obtain graphite from outside of FEOCs and document the origin of the mineral.  According to the Alliance for Automotive Innovation, only 22 of the 114 EV models currently sold in the U.S. qualify for all or part of the $7,500 tax credit. The rule stipulates that the EV must be assembled in North America and the MSRP is capped at $55K for an electric sedan, $80K for an SUV or truck.  Once the extension runs out in 2027, the limits on foreign-made components and minerals becomes increasingly more restrictive. By 2027, 80% of critical minerals and 80% of battery components must originate in the U.S. In 2028, 90% of battery components must come from the U.S., while in 2029 80% of critical minerals and 100% of battery components must be domestic.  The news impacts Tesla (NASDAQ:TSLA), Rivian (NASDAQ:RIVN), General Motors (NYSE:GM), Ford (NYSE:F), Honda (NYSE:HMC), Nissan (OTCPK:NSANY), Volkswagen (VWAGY, VWAPY), and Stellantis (NYSE:STLA).","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432901886"}