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Meanwhile, according to one Korean media outlet, Kia reportedly will start producing electric vehicles in the US starting in 2024.

If that’s the case, the intent of the act — while painful and likely counter-productive to EV adoption in the short-term — seems to be working to push auto-makers to manufacture their EVs in North America.

Note that the source is an “unidentified industry source.” With the amount of posts some folks have here, I think some of you could qualify as an “industry source” at this point. :)

 

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Discussion Starter · #123 · (Edited)
Senator Warnock pushes Treasury be as flexible as they can on implementing the IRA. Sounds like waivers / delays are being ask for.


Korea - US agree on joint efforts to a swift solution to EV tax credit law (IRA).


(Although catching the leader of South Korea on a hot mic calling US CONgress idiots and a few other explicatives probably doesn't help their cause, lol.)

 

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Discussion Starter · #124 · (Edited)
Senator Warnock to introduce bill to phase over period to new tax credits - put previous credits back in place short term.


Edit: I think he should attach it as a rider to the stop-gap spending bill to keep the government from shutting down. Sounds like something Manchin would do (and did) so why not?!

Edit 2: It was introduced today.

"Warnock’s bill would give companies like Hyundai time to ramp up production in the U.S. before the final assembly and battery material sourcing rules kick in. If the legislation passes, it would delay the battery sourcing provision until 2025 and the final assembly requirement until 2026. "
 

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I mean, the 200k limit was written out of the law when the IRA was passed, so unless they put it back in, I don't see how it could be a factor. Must go to $7,500 immediately.

On a similar note, I don't see anything about the "Transition" clause, so I wonder if that was struck somewhere in this text or if it remains. You would have to superimpose these sections, subsections, paragraphs, and subparagraphs over the IRA text to see.
 

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Discussion Starter · #127 ·
I mean, the 200k limit was written out of the law when the IRA was passed, so unless they put it back in, I don't see how it could be a factor. Must go to $7,500 immediately.

On a similar note, I don't see anything about the "Transition" clause, so I wonder if that was struck somewhere in this text or if it remains. You would have to superimpose these sections, subsections, paragraphs, and subparagraphs over the IRA text to see.
If the 200k were written out immediately, Tesla and GM would be eligible for the tax credit right now. They will not be eligible until January.
 

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If the 200k were written out immediately, Tesla and GM would be eligible for the tax credit right now. They will not be eligible until January.
So, my previous answer was too quick, but I'll take another stab at it on my computer instead of on my phone.

If you just look through all the changes in the new bill, there isn't anything that addresses the limit.

Lines 1-7 just add a start date to the Final Assembly portion after 12/31/2025. Changing "and the final assembly of which occurs within North America.’’ to "and in the case of any motor vehicle sold after 7 December 31, 2025, the final assembly of which occurs within North America."

The rest of it just changes the dates of the battery components and minerals deadlines and gets rid of the dependency on the timing of the Secretary's issuance of guidance.

And finally, they make it retroactive to the enactment of the IRA: "EFFECTIVE DATE.—The amendments made by this section shall take effect as if included in the enactment of section 13401 of Public Law 117-169". Thus, keeping us hanging onto hope that if we purchase a vehicle this year, we may get the full tax credit regardless of "written binding contract" status. So, it will still remain a gamble until this or something else like it is signed.

** Not a lawyer ** If anyone pokes a hole into this, I'll go back and change or delete it so as not to confuse people who read it in the future.
 
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