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credits","role-of-private-overseas-chinese-companies-key-to-us-ev-tax-credits","article/role-of-private-overseas-chinese-companies-key-to-us-ev-tax-credits",{"_uid":547,"date":548,"tags":549,"editor":562,"content":572,"excerpt":825,"featured":51,"reporter":826,"_editable":830,"component":831,"seo_title":543,"categories":832,"visibility":839,"author_company":49,"featured_image":840,"seo_description":825,"author_full_name":49,"author_job_title":49,"formattedDate":844,"formattedArticleDate":845},"4b02aa5e-4855-4c03-a8f6-62e7be0bde94","2023-12-08 00:00",[550,553,556,559],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"inflation-reduction-act","Inflation Reduction Act",{"slug":557,"name":558},"usa","USA",{"slug":560,"name":561},"policy","Policy",[563],{"slug":564,"name":565,"content":566},"matthew-bird","Matthew Bird",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Senior Editor - Supply Chains & Data Visualisation",{"filename":569},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":573,"content":574},"doc",[575,592,604,609,614,635,640,647,652,657,662,667,676,681,686,691,696,708,713,718,723,728,735,740,753,758,763,768,773,778,783,796,801,808,813],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579,582,590],{"text":580,"type":581},"How the US government interprets the eligibility of foreign subsidiaries of private Chinese companies in the Inflation Reduction Act’s electric vehicle ","text",{"text":583,"type":581,"marks":584},"tax credits",[585],{"type":586,"attrs":587},"link",{"href":588,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://source.benchmarkminerals.com/article/us-moves-to-cut-china-from-its-battery-supply-chain","url",{"text":591,"type":581}," will be key in determining China’s involvement in the country’s battery supply chain. ",{"type":576,"attrs":593,"content":594},{"textAlign":49},[595,597,602],{"text":596,"type":581},"The US Department of Energy has ",{"text":598,"type":581,"marks":599},"proposed guidance",[600],{"type":586,"attrs":601},{"href":588,"uuid":49,"anchor":49,"target":49,"linktype":589},{"text":603,"type":581}," for what constitutes a “Foreign Entity of Concern (FEOC)” under the IRA’s electric vehicle tax credits, which provide up to $7,500 of relief for each vehicle sold to consumers. ",{"type":576,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":581},"The ruling is intended to reduce the country’s reliance on China for battery components and critical minerals, and stimulate the build out of the domestic supply chain. Automakers won’t be able to receive the credits if any company in their battery supply chain has 25% or more of its equity, voting rights or board seats owned by a Chinese government-linked company. ",{"type":576,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":581},"But some guidance is still being interpreted and debated by the government itself and it is uncertain how it will be applied, Benchmark understands. Specifically, whether a foreign subsidiary of a private Chinese company, or even a subsidiary of a company with government links, would still be eligible. ",{"type":576,"attrs":615,"content":616},{"textAlign":49},[617,619,625,627,633],{"text":618,"type":581},"How it is interpreted will be key for the fate of the US electric vehicle market, given ",{"text":620,"type":581,"marks":621},"China’s dominance",[622],{"type":586,"attrs":623},{"href":624,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://source.benchmarkminerals.com/article/infographic-chinas-lithium-ion-battery-supply-chain-dominance",{"text":626,"type":581}," in the processing of critical minerals such as ",{"text":628,"type":581,"marks":629},"lithium",[630],{"type":586,"attrs":631},{"href":632,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://source.benchmarkminerals.com/article/china-set-to-overtake-chile-as-worlds-second-largest-lithium-producer",{"text":634,"type":581},", nickel and cobalt. If all Chinese involvement is prohibited, that could reduce the number of EVs sold in the US at reduced prices, potentially slowing EV sales over the next few years. ",{"type":576,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":581},"China’s dominance in certain sectors, such as graphite, lithium processing, as well as nickel production in Indonesia,will make it difficult for automakers to reach immediate compliance with the ruling’s objectives. ",{"type":641,"attrs":642,"content":644},"heading",{"level":643,"textAlign":49},4,[645],{"text":646,"type":581},"Ford’s nickel deal ",{"type":576,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":581},"Ford’s recent deals with Chinese companies highlight the importance of how the guidance is interpreted. ",{"type":576,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":581},"The automaker has a joint venture with Vale and China’s Huayou Cobalt to build a $3.8 billion nickel processing plant in Indonesia. Ford owns a 9% stake in the Pomalaa nickel project, with Huaqi Singapore, a subsidiary of Huayou Cobalt, owning 73%, and Vale 18%. ",{"type":576,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":581},"Huaqi Singapore is a wholly-owned overseas subsidiary of a privately owned company listed on the Shanghai Stock Exchange, Huayou Cobalt. ",{"type":576,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":581},"In addition, this week Huayou said that Ford could raise its stake to 17%, while Vale could own up to 30%. ",{"type":576,"attrs":668,"content":669},{"textAlign":49},[670],{"type":671,"attrs":672},"image",{"id":49,"alt":673,"src":674,"title":49,"source":49,"copyright":49,"meta_data":675},"","https://a.storyblok.com/f/287943243085208/179a591d3c/bm-ira-compliant-nickel-and-cobalt.png",{},{"type":641,"attrs":677,"content":678},{"level":643,"textAlign":49},[679],{"text":680,"type":581},"Devil in the details",{"type":576,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":581},"The department proposed to define a FEOC as a company that is “owned by, controlled by, or subject to the jurisdiction or direction of a government of a foreign country that is a covered nation.” ",{"type":576,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":581},"It is clear that 25+% control of a company by Chinese government entities makes that company non-compliant with the FEOC guidance and so that company cannot be used as a source of materials in the supply chain for tax credit eligible EVs in the US market.",{"type":576,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":581},"These links include senior political figures and in the case of China, includes members of the Chinese People’s Political Consultative Conference and current and former members of the Politburo. It also includes their family members. ",{"type":576,"attrs":697,"content":698},{"textAlign":49},[699,701,706],{"text":700,"type":581},"“Essentially, what this guidance is looking to achieve is to cut out reliance on firms that are ",{"text":702,"type":581,"marks":703},"effectively controlled",[704],{"type":705},"italic",{"text":707,"type":581}," by a covered nation government,” Alex Becker, a policy analyst at Benchmark, said. “De-risking is the name of the game.”",{"type":576,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":581},"However it is less clear in the case of a private Chinese company, or company with no government ownership. They could have an interest greater than 25% in a foreign company (and even up to 100% ownership), and theoretically be compliant with the FEOC guidance.",{"type":576,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":581},"The guidance states that subsidiaries of FEOC “are not automatically considered to also be FEOCs solely based on their parent being a covered nation jurisdictional entity.” ",{"type":576,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":581},"Cases like this will likely have to be determined on a case by case basis to understand where effective control of the company’s operations is held, Benchmark understands. ",{"type":576,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":581},"“Therefore there is considerable uncertainty around whether companies (such as in Indonesia) that are substantially owned by private Chinese entities will be compliant,” Becker said.",{"type":641,"attrs":729,"content":730},{"level":643,"textAlign":49},[731,733],{"text":732,"type":581},"Licensing",{"text":734,"type":581},"uncertainty",{"type":576,"attrs":736,"content":737},{"textAlign":49},[738],{"text":739,"type":581},"The guidance also seeks to prohibit licensing of technology from Chinese government-linked companies, in cases where they have control of the end entity. ",{"type":576,"attrs":741,"content":742},{"textAlign":49},[743,745,751],{"text":744,"type":581},"In February, ",{"text":746,"type":581,"marks":747},"Ford said it would build a lithium iron phosphate",[748],{"type":586,"attrs":749},{"href":750,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology",{"text":752,"type":581}," (LFP) battery factory in Michigan using licensed technology from China’s CATL. It is unclear whether this will still be eligible or not. ",{"type":576,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":581},"Ford has said that the battery plant will be a wholly owned subsidiary of the automaker that “would manufacture the battery cells using LFP battery cell knowledge and services provided by CATL.”",{"type":576,"attrs":759,"content":760},{"textAlign":49},[761],{"text":762,"type":581},"CATL told Nikkei Asia this week that the agreement would be unaffected by the FEOC proposed rules. ",{"type":576,"attrs":764,"content":765},{"textAlign":49},[766],{"text":767,"type":581},"“The plant structure was designed under the definition of the foreign entity of concern (FEOC), so there will be no impact on further implementation,” Zeng Yuqun, the founder of CATL, told the publication. ",{"type":641,"attrs":769,"content":770},{"level":643,"textAlign":49},[771],{"text":772,"type":581},"Making do without China",{"type":576,"attrs":774,"content":775},{"textAlign":49},[776],{"text":777,"type":581},"Starting in 2024, an eligible clean vehicle may not contain any battery components that are manufactured or assembled by a FEOC, and, beginning in 2025, an eligible clean vehicle may not contain any critical minerals that were extracted, processed, or recycled by a FEOC.",{"type":576,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":581},"The DOE guidance is clear that any minerals processed or extracted within China will not be eligible, regardless of ownership. That could hit the operations of foreign companies in China. ",{"type":576,"attrs":784,"content":785},{"textAlign":49},[786,788,794],{"text":787,"type":581},"Over 80% of lithium hydroxide production is set to come from China in 2023, according to the ",{"text":789,"type":581,"marks":790},"Benchmark Lithium Forecast",[791],{"type":586,"attrs":792},{"href":793,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://www.benchmarkminerals.com/forecasts/lithium/reports",{"text":795,"type":581},".",{"type":576,"attrs":797,"content":798},{"textAlign":49},[799],{"text":800,"type":581},"Albemarle is set to complete construction of a 50,000 tonne lithium hydroxide conversion plant in Sichuan province by early next year, for example. Chile’s SQM and US company Livent both also have invested in new processing plants in China. ",{"type":576,"attrs":802,"content":803},{"textAlign":49},[804],{"type":671,"attrs":805},{"id":49,"alt":673,"src":806,"title":49,"source":49,"copyright":49,"meta_data":807},"https://a.storyblok.com/f/287943243085208/cac42a34ea/bm-ira-feoc-webinar-newsletter-graphic.png",{},{"type":576,"attrs":809,"content":810},{"textAlign":49},[811],{"text":812,"type":581},"Join Benchmark Mineral Intelligence as we dissect new guidance from US Department of Energy on the Inflation Reduction Act 30D Tax Credit – the Foreign Entities of Concern (FEOC).",{"type":576,"attrs":814,"content":815},{"textAlign":49},[816,818,824],{"text":817,"type":581},"Benchmark breaks down the immediate potential impact of the new FEOC rules on this ",{"text":819,"type":581,"marks":820},"webinar",[821],{"type":586,"attrs":822},{"href":823,"uuid":49,"anchor":49,"target":49,"linktype":589},"https://www.benchmarkminerals.com/events/usa-battery-to-ev-supply-chain-new-ira-feoc-rules/",{"text":795,"type":581},"How the US government interprets the eligibility of foreign subsidiaries of private Chinese companies in the Inflation Reduction Act’s electric vehicle tax credits will be key in determining China’s involvement in the country’s battery supply chain. The US Department of Energy has proposed guidance for what constitutes a “Foreign Entity of Concern (FEOC)” under the […]",[827],{"slug":564,"name":565,"content":828},{"job_title":567,"image":829,"bio":570,"linkedin":571},{"filename":569},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4b02aa5e-4855-4c03-a8f6-62e7be0bde94\", \"id\": \"\"}-->","article",[833,836],{"slug":834,"name":835},"critical-minerals","Critical Minerals",{"slug":837,"name":838},"geopolitics","Geopolitics","public",{"id":49,"alt":673,"name":673,"focus":673,"title":673,"source":673,"filename":841,"copyright":673,"fieldtype":842,"meta_data":843,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/9adb68bb60/bm-shanshan-china.jpg","asset",{"alt":673,"title":673,"source":673,"copyright":673},"Dec 08, 2023","8th December 2023",[],[],{"id":849,"uuid":850,"name":851,"slug":852,"full_slug":852,"content":853,"relatedArticles":857,"relatedVideos":858},120886048076734,"4b6fbcc0-7881-4fbb-92ee-06d1ed3f3cec","⚙️ Settings","settings",{"_uid":854,"component":852,"black_listed_email_domains":855,"_editable":856,"formattedDate":673,"formattedArticleDate":673},"8dcafbcc-28de-4388-a68e-6b41e24f31bb","direkt.se\nstreetwisereports.com\nalpha-sense.com\nafrica-energy.com\ntcs.com\nmm-markets.com\nsmr-premium.com\nsci99.com\nlondoncib.com\nyeb.com.br\nnewautomotive.org\nsina.com.cn\ngwstrategies.net\noliverwyman.com\ndazeinfo.com\ndataintelo.com\ninfyos.com\nevalueserve.com\ninsightwoo.com\ncrescendoanalytic.com\nipaglobal.com\nweare121.com\nzemek.com\nryancommodityinsights.com\nonyxsi.com\ncostmine.com\nnickhatchmining.com\naethoslabs.com\nmysteel.com\nbuzblox.com\nfutureproofconsulting.com.au\ncmgroup.net\noptelgroup.com\nberylls.com\nreputex.com\nnumber-three.net\nrobertdallison.com\nwsp.com\nafriforesight.com\npaydirt.com.au\nmetal.com\ninforma.com\nfelixstrategy.com\ncrisil.com\nantaike.com\nbatterymaterialsreview.com\nsrk.com\nglobaltrustgrp.com\nnapiermeridian.com\nprojectblue.com\nplutonic-rma.com\nrosaearth.io\ndrivesustainability.org\nminehub.com\nscsglobalservices.com\nLynxglobalintelligence.com\nsphera.com\nminespider.com\nc-resource.com\ntdi-sustainability.com\nkumi.consulting\nsc-insights.com\nkallanish.com\naboutenergy.co.uk\nenant.io\nopisnet.com\nacuitycommodities.com\nevinfocus.com\nsfa-oxford.com\ncrugroup.com\nwoodmac.com\nspglobal.com\nrolandberger.com\nrcsglobal.com\nnornik.ru\nlivista.energy\nihsmarkit.com\ncapitalightresearch.com\namegroup.com\ncapitalight.co\nsustainablelabs.io\ncommoditiesanalysis.co.uk\navicenne.com\nkearney.com\nnornickel.net\n5napier.com\nvoltility.net\ngf.com.cn\nhindenburgresearch.com\ndigbee.com\nadamasintel.com\nac-harvard.com\nsneresearch.com\ninventusbioenergy.com\nproactiveinvestors.com\nauroraer.com\nresourceworld.com\nbatteryline.com\norennia.com\nfastmarkets.com\nmsci.com\nbcg.com\nklinegroup.com\ndelta-ee.com\nskarnassociates.com\nricardo.com\ncleanhorizon.com\np3-group.com\naccenture.com\nporsche-consulting.com\numlaut.com\nadi-analytics.com\ncpmgroup.com\nilimarkets.com\nminviro.com\nmckinsey.com\ncicenergigune.com\ne4tech.com\nargusmedia.com\ndolbear.com\nerm.com\nlithium.org\nradiusq.com\ndigivla.com\njeri.co.jp\ntopology.com.tw\nsaurenergy.com\novaladvisory.com\ngsixenergy.com","\u003C!--#storyblok#{\"name\": \"settings\", \"space\": \"287943243085208\", \"uid\": \"8dcafbcc-28de-4388-a68e-6b41e24f31bb\", \"id\": \"120886048076734\"}-->",[],[],1783682675749]