For customers to buy electric vehicles (EVs), the government is trying to enable as many automobiles as possible to qualify for tax incentives and making efforts finish new regulations before the end of the year. Even though EV sales tripled over the last two years, they still account for only 6% of new car sales in the US. To increase the production and sale of EVs, automakers are pushing to develop and market more models.
Tax credits are meant to increase sales of EVs and encourage the auto sector to strengthen domestic supply chains for the components required to make such vehicles. Accelerating the manufacture and sales of EVs in the US are the major components of the larger effort of the Biden administration and Democrats to reduce greenhouse gas emissions and combat climate change.
According to industry and advocacy groups, the Treasury Department's regulatory advice for the tax credits could make it simpler for auto manufacturers to comply with the new standards. These groups are keen on seeing how the government determines whether the sourcing standards have been met and how automakers will confirm whether they comply with the standards. The Treasury must provide instructions for the new requirements by December 31, 2022.
Germany
Japan
Netherlands
United States of America
Germany
Germany
South Korea
China
United States of America
Germany
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer