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Just as today we can look at a nighttime satellite image and see the black void that is recalcitrant, unelectrified NorthKorea, once that was China. Plug-in cars from a half dozen Chinese automakers were on display along with charge stations in an attractive setting amidst a winding course for test drives. But it is an anomaly.
On the one hand, the (up to) $7,500 tax credit is now available right away at the point of sale, eliminating the wait time and allowing drivers to apply their savings directly to the purchase of their vehicle at the dealership—which is great for consumers. In fact, it’s what EV Life has been doing for our customers for years.
As of 2024, in addition to North American assembly, 60% of battery parts will need to be North American–sourced in order to qualify for half of the credit amount ($3,750). It’s all part of a comprehensive push from the Biden administration to foster a domestic supply chain for EVs. And as expected, it’s very short.
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