Market Chatter: US House Narrowly Passes Bill Targeting Chinese EV Components

MT Newswires Live2024-09-13

US House passed a bill targeting Chinese components in US electric vehicles, likely to affect the EV tax credits, Reuters reported Thursday.

The bill, which passed 217-192, will impact the industry. A group of auto manufacturers, including Toyota (TYO:7203), Hyundai (KRX:005380), and others, believe the legislation will result in fewer vehicles qualifying as EVs and force the rollback of strict emission rules, the publication said.

The bill aims to prevent Chinese companies from receiving electric vehicle tax credits meant for U.S. manufacturers, Reuters said, citing a Bill's sponsors.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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