Chinese officials are upset about the Inflation Reduction Act’s affects on the EV supply chain. It’s no surprise, China currently has a heavy hand in mining for EV materials, battery manufacturing, as well as making their own electric vehicles.
The legislation that was passed within the Inflation Reduction Act has a chance to limit that power in upcoming years by promoting auto manufacturers to source from countries that the US is more friendly with, as well as bringing the work here to the states. They are doing this through the idea of tax credits to help with sales. Here’s a quick knee jerk reaction video:
@s3magazine China is not happy with how the Inflation Reduction Act lomits their supply chain power for EV’s moving forward. This is a double edged sword. #news #automotivenews #ev #electricvehicle #china #usa #politics #inflationreductionact
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