Question:
What are key requirements for the auto industry in the Electric Vehicle Tax Credits for new 2023 and beyond vehicles in the 2022 US Inflation Reduction Act? (a) The electrified vehicle must be built in an Assembly Plant in a U.S. Free trade nation that has UAW workers covered by a national collective bargaining agreement. (b) The electrified vehicle must have a range of 300 miles and Manufacturer's Suggested Retail Price over $50,000. (c) An increasing percentage of the critical battery minerals must be extracted or processed in a U.S. Free Trade nation. For vehicles built before 2024, the percentage is 40% increasing every year until 2027 when the threshold becomes 80%. (d) An increasing percentage of the value of Battery components must be manufactured in the United States. For vehicles built before 2024, the percentage is 50% increasing every year until 2029 when the threshold becomes 100%.