The U.S. Department of the Treasury extends EV tax credit rules permitting crucial trace minerals from China, impacting automakers' supply chains and material sourcing within the U.S.
Car manufacturers must adjust to meet criteria for the EV tax credit, nudging consumer EV adoption by alleviating tax burdens, despite concerns over continued dependence on foreign materials.
Senator Joe Manchin criticizes the prioritization of EV market expansion over reducing reliance on foreign materials in EV production, suggesting a potential long-term negative impact on supply chains.
Manchin expresses worry that the tax credit extension could sustain foreign entities in U.S. supply chains, while emphasizing the importance of developing less foreign-dependent strategies for EV production.
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