– Final rules released by the U.S. Department of Treasury and IRS on clean vehicle provisions of the Inflation Reduction Act
– $173 billion in private-sector investment in the U.S. clean vehicle and battery supply chain since President Biden’s election
– Rules provide clarity and certainty to the EV marketplace, strengthen supply chains, and offer credits for clean vehicles to save consumers money and create jobs
The U.S. Department of the Treasury and the IRS have released final rules on the clean vehicle provisions of the Inflation Reduction Act (IRA), aiming to lower costs for consumers, boost U.S. manufacturing, and enhance energy security. Since President Biden took office, there has been $173 billion in private-sector investment announced in the U.S. clean vehicle and battery supply chain. These investments have led to job creation, cost savings for consumers, and a shift towards green energy.
The final rules issued by the Treasury Department and IRS provide clarity and certainty for the electric vehicle (EV) marketplace, ensuring that EV adoption continues to grow. Credits for new clean vehicles save consumers up to $7,500 and have led to a surge in EV sales in the U.S. The rules address critical minerals and battery components requirements, as well as restrictions on foreign entities of concern, aiming to secure supply chains and support domestic manufacturing.
The Biden-Harris Administration is focused on building secure supply chains for EVs and EV batteries, creating jobs, and boosting growth in the clean energy sector. Through various credits and incentives, the administration is working to accelerate the adoption of EVs in the U.S. and strengthen the country’s position as a leader in green technology.