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Arab News
13-05-2025
- Automotive
- Arab News
US House Republicans seek to kill EV tax credit, loan program
WASHINGTON: Republicans in the US House of Representatives on Monday proposed killing the electric vehicle tax credit and repealing fuel efficiency rules designed to prod automakers into building more zero-emission vehicles as part of a broad-based tax reform bill. The proposal, which is set for a House Ways and Means Committee hearing on Tuesday, would repeal a $7,500 new-vehicle tax credit and a $4,000 used-vehicle credit on Dec. 31, although it would maintain the new-vehicle credit for an additional year for automakers that have not yet sold 200,000 EVs. The president of the Electric Drive Transportation Association, Genevieve Cullen, criticized the proposal, saying that plans 'to abandon US leadership in energy innovation by gutting federal investment in electrification are catastrophically short-sighted.' The proposal, she said, would deliver 'an enormous market advantage' to competitors like China and threaten US manufacturing and jobs. The US Treasury in 2024 awarded more than $2 billion in point-of-sale rebates for EVs. The proposal leaves in place a key battery production tax credit for automakers and battery makers, but a new provision would bar the credit for vehicles produced with components made by some Chinese companies or under a license agreement with Chinese firms. The provision, which would take effect in 2027, could bar credits for cars powered by Chinese battery technology licensed by American companies such as Ford Motor or Tesla . House Republicans also propose to kill a loan program that supports the manufacture of certain advanced technology vehicles. It would rescind any unobligated funding and rescind corporate average fuel economy standards and greenhouse gas emission rules for 2027 and beyond. That portion will be taken up by the Energy and Commerce Committee. Among outstanding loans finalized in President Joe Biden's last weeks in office are $9.63 billion to a joint venture of Ford Motor and South Korean battery maker SK On for construction of three battery manufacturing plants in Tennessee and Kentucky; $7.54 billion to a joint venture of Chrysler-parent Stellantis and Samsung SDI for two EV lithium-ion battery plants in Indiana; and $6.57 billion to Rivian for a plant in Georgia to begin building smaller, less expensive EVs in 2028.
Reuters
13-05-2025
- Automotive
- Reuters
US House Republicans seek to kill EV tax credit, loan program
WASHINGTON, May 12 (Reuters) - Republicans in the U.S. House of Representatives on Monday proposed killing the electric vehicle tax credit and repealing fuel efficiency rules designed to prod automakers into building more zero-emission vehicles as part of a broad-based tax reform bill. The proposal, which is set for a House Ways and Means Committee hearing on Tuesday, would repeal a $7,500 new-vehicle tax credit and a $4,000 used-vehicle credit on Dec. 31, although it would maintain the new-vehicle credit for an additional year for automakers that have not yet sold 200,000 EVs. The president of the Electric Drive Transportation Association, Genevieve Cullen, criticized the proposal, saying that plans "to abandon U.S. leadership in energy innovation by gutting federal investment in electrification are catastrophically short-sighted." The proposal, she said, would deliver "an enormous market advantage" to competitors like China and threaten U.S. manufacturing and jobs. The U.S. Treasury in 2024 awarded more than $2 billion in point-of-sale rebates for EVs. The proposal leaves in place a key battery production tax credit for automakers and battery makers, but a new provision would bar the credit for vehicles produced with components made by some Chinese companies or under a license agreement with Chinese firms. The provision, which would take effect in 2027, could bar credits for cars powered by Chinese battery technology licensed by American companies such as Ford Motor (F.N), opens new tab or Tesla (TSLA.O), opens new tab. House Republicans also propose to kill a loan program that supports the manufacture of certain advanced technology vehicles. It would rescind any unobligated funding and rescind corporate average fuel economy standards and greenhouse gas emission rules for 2027 and beyond. That portion will be taken up by the Energy and Commerce Committee. Among outstanding loans finalized in President Joe Biden's last weeks in office are $9.63 billion to a joint venture of Ford Motor and South Korean battery maker SK On ( opens new tab for construction of three battery manufacturing plants in Tennessee and Kentucky; $7.54 billion to a joint venture of Chrysler-parent Stellantis ( opens new tab and Samsung SDI ( opens new tab for two EV lithium-ion battery plants in Indiana; and $6.57 billion to Rivian (RIVN.O), opens new tab for a plant in Georgia to begin building smaller, less expensive EVs in 2028.
Reuters
07-02-2025
- Automotive
- Reuters
Automakers urge USDOT to quickly restart federal EV charging program
WASHINGTON, Feb 7 (Reuters) - A group representing automakers and electric vehicle charging companies on Friday urged the U.S. Transportation Department to quickly restart a $5 billion government EV infrastructure program. On Thursday, the Trump administration said it was suspending the electric vehicle charging program and rescinding approval of state EV charging plans pending a new review. The Electric Drive Transportation Association, whose members include General Motors (GM.N), opens new tab, Toyota (7203.T), opens new tab, BorgWarner (BWA.N), opens new tab, EVGo (EVGO.O), opens new tab, Walmart (WMT.N), opens new tab and others, said it urged the Trump administration "to quickly resume the critical work of the program and minimize uncertainty for states and their businesses." Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
