U.S. automakers say 70% of EV models would not qualify for tax credit under Senate bill

Most electric-vehicle models would be ineligible for a $7,500 tax credit for U.S. buyers under a Democratic proposal in the U.S. Senate, a group of major automakers said on Friday. Automakers have been privately expressing concern about the proposal’s increasing requirements for vehicles’ batteries and critical-mineral contents to be sourced from the United States. John Bozzella, heads of the Alliance for Automotive Innovation that represents General Motors (GM.N) , Toyota Motor (7203.T) , and Ford Motor among others, said a July 27 proposal by Senators Chuck Schumer and Joe Manchin would make 70% of 72 U.S. electric, plug-in hybrid and fuel-cell EVs ineligible upon passage. “None would qualify for the full credit when additional sourcing requirements go into effect,” he said. […]

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