A small clause included in the 2022 Inflation Reduction Act (IRA) is boosting local electric vehicle battery production. The Advanced Manufacturing Production Credit clause rewards local manufacturing of battery cells and modules with 10 years of tax credits. These tax credits also extend to electric vehicle batteries recycled in the United States, regardless of their original country of origin.
Although America is home to major EV makers such as Tesla and Ford, the development of key EV components, including batteries, often occurs overseas. This reliance on…
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