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...