Maybe the Manchin-Schumer bill won’t be quite so expensive after all.
The bill includes a huge tax credit of up to $7,500 for buying a new EV and $4,000 for A used ONE
But many EVs won’t meet the requirements Manchin insisted on that the cars are built in North America with minerals mined or recycled on this continent. The Associated Press estimates some 50 of the 72 electric or hybrid models now being sold won’t meet the requirement. John Bozzella, CEO of the Alliance of Automotive Innovation, predicts that “no vehicles will qualify for this purchase over the next few years.”
Auto industry expert Patrick Anderson of Michigan calculates that as many as 75% of EVs will be ineligible for the subsidies – in part because the batteries are predominantly made in China.