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Act",{"slug":566,"name":567},"usa","USA",{"slug":569,"name":570},"policy","Policy",[572],{"slug":573,"name":574,"content":575},"didi-bostock","Didi Bostock",{"job_title":576,"image":577,"bio":579,"linkedin":580},"Editor - Energy Transition & Economics",{"filename":578},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":582,"content":583},"doc",[584,601,614,619,624,637,642,649,654,659,664,669,674,679,684,689,694,699,704,709,714],{"type":585,"attrs":586,"content":587},"paragraph",{"textAlign":49},[588,591,599],{"text":589,"type":590},"From January next year, access to the $7,500 consumer electric vehicle tax credit in the ","text",{"text":592,"type":590,"marks":593},"US Inflation Reduction Act",[594],{"type":595,"attrs":596},"link",{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/opinion-what-will-be-the-eventual-cost-of-the-us-inflation-reduction-act","url",{"text":600,"type":590}," will be withdrawn if any “foreign entities of concern” are involved in the production of the battery components.",{"type":585,"attrs":602,"content":603},{"textAlign":49},[604,606,612],{"text":605,"type":590},"But an exact definition for an ",{"text":607,"type":590,"marks":608},"entity of concern",[609],{"type":595,"attrs":610},{"href":611,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/lg-chem-huayou-cobalts-900-million-precursor-plant-latest-test-of-ira",{"text":613,"type":590}," has yet to be given. This uncertainty is giving automakers concern as they try to plan their EV production to access the tax credits.",{"type":585,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":590},"“You have to be managing your supply chains with guidance that has not been given to decide whether or not you are going to be eligible,” David Schwietert, chief policy officer at Alliance for Automotive Innovation, told delegates at Benchmark’s Battery Gigafactories USA today.",{"type":585,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":590},"The entity of concern stipulations will extend to critical mineral supply from January 2025. In both component production and critical mineral processing, China currently dominates in all areas.",{"type":585,"attrs":625,"content":626},{"textAlign":49},[627,629,635],{"text":628,"type":590},"Craig Glidden, executive vice president at ",{"text":630,"type":590,"marks":631},"General Motors",[632],{"type":595,"attrs":633},{"href":634,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/we-see-this-as-an-opportunity-to-build-the-supply-chain-from-the-ground-up-the-right-way-qa-with-gms-tanya-skilton",{"text":636,"type":590},", said the automaker was waiting for more government guidance before it made a decision on expanding into lithium iron phosphate (LFP) batteries. ",{"type":585,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":590},"“I think we’re waiting to get some additional clarity from the Treasury over the next couple of weeks,” he told the Benchmark conference. “We want to see what ultimately the signal from the government is with respect to that … before we decide what we’re going to do.”",{"type":643,"attrs":644,"content":646},"heading",{"level":645,"textAlign":49},4,[647],{"text":648,"type":590},"30D tax credit eligibility",{"type":585,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":590},"Within the Inflation Reduction Act, 30D is a $7,500 consumer tax credit that is split into two equal parts.",{"type":585,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":590},"The first part requires that a percentage of the value of the critical minerals contained in the battery were mined, refined, and processed in North America or in a country with which the US has a Free Trade Agreement. Alternatively the critical minerals may be recycled in North America. This percentage is currently at 40%, rising to 50% next year and will reach a maximum of 80% in 2027.",{"type":585,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":590},"The second half of the credit requires that a percentage of the value of the components (cathodes, anodes, separators, and cells) be made in North America. This percentage is currently 50% and will rise to 60% next year reaching 100% in 2029.",{"type":585,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":590},"To access any of this credit also requires that the final assembly of the electric vehicle takes place in North America.",{"type":643,"attrs":670,"content":671},{"level":645,"textAlign":49},[672],{"text":673,"type":590},"Entities of concern",{"type":585,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":590},"Up to now, there have been no “foreign entity of concern” stipulations associated with access to these tax credits. However, from January 2024 these clauses will activate. Access to the 30D credit will be denied if any of the components are produced by such an entity and from January 2025 this will also apply to the extraction, processing, or recycling of critical raw materials.",{"type":585,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":590},"But there has been no strict definition of what an entity of concern actually is. Naturally, it is expected that components and minerals produced in China or Russia will fall into this category, but it is not clear yet what percentage of Chinese ownership would make a company ineligible.",{"type":585,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":590},"“A larger issue for us, frankly, is guidance on foreign entities of concern,” Michael Maten, director of EV policy at GM, told delegates. “That guidance is critical to the applicability of the IRA as it is a gating function.”",{"type":643,"attrs":690,"content":691},{"level":645,"textAlign":49},[692],{"text":693,"type":590},"Creeping politics",{"type":585,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":590},"There is a risk that Chinese involvement in the supply chain could undermine the IRA, according to GM’s Glidden.",{"type":585,"attrs":700,"content":701},{"textAlign":49},[702],{"text":703,"type":590},"“It can be used as a talking point by those who are opposed to the IRA,” he told delegates.",{"type":585,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":590},"In a portent of the potential political wrangling to come, Republicans have already tried to repeal parts of the IRA such as the clean energy tax credits.",{"type":585,"attrs":710,"content":711},{"textAlign":49},[712],{"text":713,"type":590},"“The last thing we want is to see these issues become politicised,” Robert R. Hood, vice-president of government affairs at Hyundai Motor Company, told delegates. “I think it would be a lost opportunity to have politics now coming in and overshadow where I think we’re heading and then as we grow, we need to have so but I am very worried about politics.”",{"type":585,"attrs":715,"content":716},{"textAlign":49},[717],{"text":718,"type":590},"“Investment in the battery supply chain is not just in the red states, not just in the blue states,” Schwietert said. “The benefits to these communities happen across the political spectrum.”","From January next year, access to the $7,500 consumer electric vehicle tax credit in the US Inflation Reduction Act will be withdrawn if any “foreign entities of concern” are involved in the production of the battery components. But an exact definition for an entity of concern has yet to be given. This uncertainty is giving […]",[721],{"slug":573,"name":574,"content":722},{"job_title":576,"image":723,"bio":579,"linkedin":580},{"filename":578},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c3a82ad4-6b47-47e8-9595-51ab4ea412ec\", \"id\": \"\"}-->","article",[727],{"slug":728,"name":729},"geopolitics","Geopolitics","private",{"id":49,"alt":732,"name":732,"focus":732,"title":732,"source":732,"filename":733,"copyright":732,"fieldtype":734,"meta_data":735,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/a4c66b0c01/bm-img-9815.jpg","asset",{"alt":732,"title":732,"source":732,"copyright":732},"Jun 08, 2023","8th June 2023",[],[],1784740336406]