Biden Admin Issues Sweeping EV Tax Credit Rules, Leaving Door Open For Foreign Companies

The U.S. Internal Revenue Service (IRS) announced new guidance on how it will interpret President Joe Biden’s signature Inflation Reduction Act (IRA), leaving the door open for European automakers to cash in on the bill’s subsidies.

The new rules are expected to immediately limit the number of electric vehicles that qualify for tax credits when they go into effect on April 18, thanks to stricter requirements for both sourcing battery components and manufacturing in the U.S. or nations that have a “free trade agreement” with the U.S., Axios reported. The Biden administration has...