Biden Pressed To Hand Out Tax Breaks To Foreign EV Makers

  • Foreign allies are pressuring the Biden administration to extend tax credits from the “Inflation Reduction Act” to foreign vehicles, according to Treasury Department documents.
  • The controversial IRA has been criticized by allies such as South Korea, the United Kingdom, Japan and the European Union for violating pre-existing trade agreements because their cars would not qualify for the $7,500 consumer tax credit.
  • Several foreign companies — such as Honda, Toyota and Hyundai — have announced, accelerated or expanded multibillion dollar investments in electric vehicle production plants in the United States after the IRA was passed in August.
Click to read full article Go back home

Sign Up for Our Newsletter

Join our list!

Sign up here to get our daily newsletter with the top trending headlines.