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Frequently Asked Questions
Why are top EVs losing tax credits next year?
Answer: In 2024, electric vehicles are set to lose tax credits if they include battery components that are manufactured or assembled by companies in China. This is a part of the U.S. effort to remove China from its supply chain in critical sectors.
Which EVs are affected by the loss of tax credits?
Answer: The specific models of EVs affected by this change in tax credit availability have not been detailed in the provided links. However, top-selling EVs that contain Chinese-manufactured or assembled battery components would be exposed to this policy change.
What is the U.S. government's plan for the EV market?
Answer: The U.S. government, under The American Jobs Plan, intends to invest $174 billion to win the EV market. This includes enabling automakers to spur domestic supply chains and consumer adoption of EVs produced in the U.S.
Are any companies or stocks particularly exposed due to this policy change?
Answer: The provided links do not specify particular companies or stocks. However, automakers and battery manufacturers with significant supply chain links to China may be exposed to risks due to this shift in policy.
How is the U.S. ensuring supply chain resilience for EVs?
Answer: The Biden-Harris Administration has established a Supply Chain Disruptions Task Force to address short-term supply chain discontinuities. Additionally, a supply chain review report mentions reviewing critical industrial base sectors, including those relevant to the EV market.
What role does China play in the global supply chain for electric vehicles?
Answer: China has established itself as the dominant global supplier of rare earths and other critical minerals that are essential for manufacturing EVs, making it a key player in the EV supply chain.
How will the ban on Chinese components impact EV sales in the U.S.?
Answer: While the direct impact on EV sales in the U.S. is not detailed, removing tax credits could lead to higher costs for consumers and potentially slower adoption rates of electric vehicles relying on Chinese components. The policy aims to shift consumer preference towards U.S.-made EVs, which could benefit domestic companies.