According to Automotive News Europe, two German auto manufacturers are moving quickly, signing deals for raw materials to be sourced in Canada. For example, Hyundai is reportedly speeding up the timeline to make its IONIQ EV series on US soil.Īnd Tuesday, we are hearing more big news from across the pond. Several foreign automakers that are left out of the deal are looking to make sure their EVs qualify. For one, the materials must be sourced, and the vehicle needs to go through final assembly in the United States or its fair-trade partners. However, for automakers’ EVs to be eligible, the IRA outlines specific conditions that must be met. Since President Biden signed the Inflation Reduction Act (IRA) into law last week, North America is becoming a hot spot for EV production.Ī big part of the bill includes tax credits for electric vehicles. Tesla still controls 68% of the EV market, but its lead is slipping as automakers set their sights on an electric-only future. Now, the automaker is moving quickly to secure its future position in the auto market.Īs demand for EVs continues rising at record levels, automakers from all corners of the globe are pouring billions to catch first mover Tesla. In its latest bold move to lock up raw materials for electric vehicles, Mercedes-Benz is announcing a new deal with Rock Tech Lithium for 10,000 tons of battery-grade lithium annually.īest known for its luxurious German vehicles, Mercedes is great at raising the bar for what an automobile can do.
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