💰 Ford: U.S. should ease 'foreign entity' rules so that more EVs get tax credits

TL;DR

WASHINGTON, Nov 3 (Reuters) - Ford Motor Co (F.N) said on Thursday the U.S. Treasury Department should limit the definition of a "foreign entity of concern" to ensure more electric vehicles can qualify for up to $7,500 in consumer tax credits.In August, Congress passed the $430 billion Inflation Reduction Act (IRA) legislation to restructure EV tax credits and, will, in the coming years, bar credits if any EV battery components were manufactured or assembled by a "foreign entity of concern" or if batteries contain critical minerals extracted, processed, or recycled by a foreign entity of concern."While Ford appreciates and supports the overall objective of the law to bolster the localization of battery production and critical mineral mining and processing in the U.S. and with our trading partners and allies, an overly expansive interpretation of this provision risks undermining that very same objective by making the clean vehicle credit largely unavailable," the automaker said in comments filed with Treasury and sent to media.Ford said it wants the Biden administration to ensure joint ventures in critical mineral extraction, processing, or recycling "will not cause vehicles to be automatically excluded."Ford said in July it planned to import lower-cost lithium ion batteries for its North American electric pickup trucks and SUVs from Chinese battery giant CATL (300750.SZ)."

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