US House passes bill targeting China that would limit EV tax credits
Adds more details, no immediate Treasury or Chinese embassy comment
By David Shepardson
WASHINGTON, Sept 12 (Reuters) -The U.S. House of Representatives narrowly voted on Thursdayto approve legislation to tighten rules limiting Chinese content in vehicles qualifying for U.S. electric vehicle tax credits.
The House voted 217 to 192 to approve the bill, which has not been taken up by the Senate, to tighten the definition of Chinese components that make vehicles ineligible for U.S. EV tax credits.
The Alliance for Automotive Innovation, which represents General Motors GM.N, Toyota Motor 7203.T, Volkswagen VOWG_p.DE, Hyundai 005380.KS and other car companies, said the bill would result in fewer vehicles qualifying and would mean aggressive rules on vehicle emissions and EV targets would need to be rolled back.
The automaker group CEO, John Bozzella, said those standards were based in part on the availability of EV tax credits and if the incentives are eliminated "the automotive industrial base faces a serious economic and national security risk from China, the U.S. becomes less competitive, and the rug is pulled out from consumers."
The bill, sponsored by Representative Carol Miller, would tighten the definition of a so-called "Foreign Entity of Concern" that applies to China and other countries. She said it would "ensure that Chinese companies can no longer benefit from electric vehicles tax credits meant for U.S. manufacturers."
The rules required under an August 2022 law are designed to wean the U.S. electric vehicle battery supply chain away from China.
The U.S. Treasury and Chinese Embassy in Washington did not immediately comment.
Currently, 22 of the 113 EV or plug-in hybrid models for sale in the United States are eligible for the EV tax credit - and just 13 get the full $7,500 credit, Bozzella said.
In May, the U.S. Treasury gave automakers additional flexibility on battery mineral requirements for electric vehicle tax credits on some crucial trace minerals from China, such as graphite.
The department said it would give automakers until 2027 to remove some hard-to-trace minerals like graphite contained in anode materials and critical minerals contained in electrolyte salts, binders, and additives.
Reporting by David Shepardson; Editing by Andrea Ricci
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
