The uncertainty surrounding the future of the Inflation Reduction Act and the EV tax credit has left automakers anxious, as they face potential job cuts and financial losses if the credits are drastically reduced or repealed. With billions invested in electric vehicle production and supply chains, manufacturers are advocating for a gradual phase-out of the tax incentives rather than an instant repeal. Key automotive executives, like GM's Mary Barra and Ford's Jim Farley, are actively engaging in discussions with federal leaders to navigate these challenges.
Automakers have spent the last few years betting billions on the EV race. New factories, robust supply chains and big battery plans peppered not just across the globe, but also planted deep within America's auto manufacturing belts.
If the repeal of the Inflation Reduction Act is inevitable, automakers are asking for the EV tax credit to be phased out over several years to soften the economic blow.
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