Later this week President Joe Biden puts the final touches on a major win for his administration, signing the Inflation Reduction Act (IRA) into law. Among a number of initiatives in the $700 billion package are huge investments in new climate initiatives like rebate programs for energy efficient appliances and retrofits, production tax credits and provisions for battery and solar cell manufacturers, and most importantly for the automakers, as tax credits for new and used electric vehicles.
The automobile sector came up with mixed results this reporting season but outlook is upbeat.
U.S. President Joe Biden will sign legislation on Tuesday that will eliminate electric vehicle tax credits for most models currently getting up to $7,500 effective. The White House said Biden will sign legislation to approve the $430 billion climate, health and tax bill on Tuesday. The bill restructures the existing $7,5000 new EV tax credit and creates a new $4,000 rebate for used EVs.