Tag: electric car subsidy

Technology

Electric Car Investment Envy Spawns a ‘Tax Break Industrial Complex’

There’s a subsidy battle raging within America’s shores: a cutthroat fight among states to land EV and battery investments. The electric vehicle revolution will be subsidized. China has been at it for more than a decade, incentivizing purchases, backing homegrown battery makers and blocking foreign firms from competing. Europe has followed suit with generous aid both for consumers and companies. Now that electrification has taken root globally, and there's a climate change believer in the White House, the US has jumped into the fray in a bigger way than ever before. First, there was the $7 billion tucked into the infrastructure bill last year. Then, hundreds of millions made available by invoking the Defense Production Act. And now, the mother of them all, the Inflation Reduction A...
Technology

The Only Electric Car Worth Buying Right Now Is Used

Electric cars tend to depreciate more like smartphones than cars, which means relatively recent models are already up for resale. To the brave, prudent shoppers trying to cash in on new US incentives to buy an electric vehicle: Good luck. The $12 billion in EV support written into the Inflation Reduction Act — including rebates of up to $7,500 at the point of purchase — is expected to shift electric car buying into high gear. But most of the battery-powered whips on the market are likely too expensive, too foreign or too scarce for a purchase to pan out anytime soon. As BloombergNEF analyst Ethan Zindler puts it: “There aren't many cars available and there aren't many credits available in 2022.” That means it's time to in...