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needs to expand scope of eligible critical minerals for EVs, Rivian CEO says","us-needs-to-expand-scope-of-eligible-critical-minerals-for-evs-rivian-ceo-says","article/us-needs-to-expand-scope-of-eligible-critical-minerals-for-evs-rivian-ceo-says",{"_uid":557,"date":558,"tags":559,"editor":575,"content":585,"excerpt":733,"featured":51,"reporter":734,"_editable":738,"component":739,"seo_title":553,"categories":740,"visibility":750,"author_company":49,"featured_image":751,"seo_description":733,"author_full_name":49,"author_job_title":49,"formattedDate":755,"formattedArticleDate":756},"677f01aa-90b5-4261-b200-97252ab0d389","2023-06-09 00:00",[560,563,566,569,572],{"slug":561,"name":562},"battery-gigafactories-usa-2023","Battery Gigafactories USA 2023",{"slug":564,"name":565},"inflation-reduction-act","Inflation Reduction Act",{"slug":567,"name":568},"rivian","Rivian",{"slug":570,"name":571},"usa","USA",{"slug":573,"name":574},"policy","Policy",[576],{"slug":577,"name":578,"content":579},"didi-bostock","Didi Bostock",{"job_title":580,"image":581,"bio":583,"linkedin":584},"Editor - Energy Transition & Economics",{"filename":582},"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":586,"content":587},"doc",[588,595,600,605,610,615,620,629,636,641,646,651,666,671,681,686,693,698,703,708,713,718,723,728],{"type":589,"attrs":590,"content":591},"paragraph",{"textAlign":49},[592],{"text":593,"type":594},"The US needs to help automakers source battery raw materials from  countries that are not currently eligible under President Joe Biden’s Inflation Reduction Act, the chief executive of electric truck maker Rivian told Benchmark’s Battery Gigafactories USA conference. ","text",{"type":589,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":594},"At the moment automakers must source critical minerals from countries with which the US has a free trade agreement, in order to receive $3,500 in consumer tax credits for electric vehicles. ",{"type":589,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":594},"But a significant amount of critical battery minerals are neither mined nor processed in such countries, chief executive R.J. Scaringe said. ",{"type":589,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":594},"“I think one of the practical challenges that we have is a lot of materials that are needed for solving scale don’t exist in the United States, and they don’t exist in countries with Free Trade Agreements,” he told the conference. “The reality is we are going to have to get creative with sourcing.”",{"type":589,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":594},"President Joe Biden has expanded the scope of countries eligible for IRA subsidies this year, signing agreements with Japan and the European Union in March. This week, he also agreed to begin negotiations with the UK on a critical minerals agreement for battery metals, to make them eligible for electric vehicle tax credits in the US. ",{"type":589,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":594},"“Assigning more FTAs is critical,” Donald Davidson, senior manager of public policy and strategy at Volkswagen Group of America, told delegates at Benchmark’s Battery Gigafactories USA conference.",{"type":589,"attrs":621,"content":622},{"textAlign":49},[623],{"type":624,"attrs":625},"image",{"id":49,"alt":626,"src":627,"title":49,"source":49,"copyright":49,"meta_data":628},"","https://a.storyblok.com/f/287943243085208/6f711081cf/bm-us-ira-lithium.jpg",{},{"type":630,"attrs":631,"content":633},"heading",{"level":632,"textAlign":49},4,[634],{"text":635,"type":594},"The Indonesia problem ",{"type":589,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":594},"To access the first $3,750 of the $7,500 30D tax credit in the IRA requires a 40% of the critical minerals in an electric vehicle battery to be extracted or processed in the US or a country with which the US has an FTA. This percentage rises to 80% by 2027.",{"type":589,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":594},"But many of the countries that are vital sources of critical minerals do not have an FTA with the US.",{"type":589,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":594},"“What we need to be asking for from our policymakers is to create stability and clarity around how we can source some of these raw materials,”  Scaringe said. ",{"type":589,"attrs":652,"content":653},{"textAlign":49},[654,656,664],{"text":655,"type":594},"For example, ",{"text":657,"type":594,"marks":658},"Indonesia",[659],{"type":660,"attrs":661},"link",{"href":662,"uuid":49,"anchor":49,"target":49,"linktype":663},"https://source.benchmarkminerals.com/article/investment-in-indonesian-nickel-diversifies-from-china-as-ford-joins-4-5-billion-project","url",{"text":665,"type":594}," is set to supply 59% of refined nickel in 2030 according to Benchmark’s Nickel Forecast. But it does not have an FTA with the US, making it difficult for automakers using nickel-based battery chemistries to access the consumer tax credits.",{"type":589,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":594},"“The nuance that we need as an industry is for policymakers to understand the complexity of the supply chain,” Scaringe said. “Just because we wish that we had all these raw materials in our backyard, it doesn’t mean this can happen.”",{"type":589,"attrs":672,"content":673},{"textAlign":49},[674,679],{"text":657,"type":594,"marks":675},[676],{"type":660,"attrs":677},{"href":678,"uuid":49,"anchor":49,"target":49,"linktype":663},"https://source.benchmarkminerals.com/article/column-does-the-us-ira-give-indonesia-to-china",{"text":680,"type":594}," has reportedly started discussions with the US about developing a limited FTA focused on critical raw materials.",{"type":589,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":594},"Craig Glidden, vice president at GM, told delegates that “within the ambition of the IRA, we’re hopeful that maybe more free trade agreements will be entered into in the future that could enable some of those places to unlock for us.”",{"type":589,"attrs":687,"content":688},{"textAlign":49},[689],{"type":624,"attrs":690},{"id":49,"alt":626,"src":691,"title":49,"source":49,"copyright":49,"meta_data":692},"https://a.storyblok.com/f/287943243085208/7c35330968/bm-image-86-13440493a166.png",{},{"type":630,"attrs":694,"content":695},{"level":632,"textAlign":49},[696],{"text":697,"type":594},"FTA-like relationships",{"type":589,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":594},"Senator Joe Manchin told delegates that when he worked on the IRA he didn’t realise that many of the countries with which the US is friendly and allied don’t actually have FTAs with the US.",{"type":589,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":594},"Within the text of the IRA, the term “free trade agreement” isn’t strictly defined.",{"type":589,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":594},"The EU and US have the world’s largest bilateral trade relationship, but do not have a formal free trade agreement. Following the deal between Japan and the US, discussions between Brussels and Washington for a similar agreement opened up.",{"type":589,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":594},"“We are not going to pull minerals out of the ground in the EU, but we could add mid-stream processing,” Volkswagen’s Davidson said.",{"type":630,"attrs":719,"content":720},{"level":632,"textAlign":49},[721],{"text":722,"type":594},"Limits of FTAs",{"type":589,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":594},"FTA relationships only apply to the critical mineral aspect of the 30D tax credit, and not to component production or final assembly. To be eligible for the full $7,500 tax credits, final assembly must be in North America.",{"type":589,"attrs":729,"content":730},{"textAlign":49},[731],{"text":732,"type":594},"Robert Hood, vice-president of government affairs at Hyundai, expressed disappointment that the FTA the US has with South Korea doesn’t apply to the final assembly stipulations of the tax credit.","The US needs to help automakers source battery raw materials from countries that are not currently eligible under President Joe Biden’s Inflation Reduction Act, the chief executive of electric truck maker Rivian told Benchmark’s Battery Gigafactories USA conference. At the moment automakers must source critical minerals from countries with which the US has a free […]",[735],{"slug":577,"name":578,"content":736},{"job_title":580,"image":737,"bio":583,"linkedin":584},{"filename":582},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"677f01aa-90b5-4261-b200-97252ab0d389\", \"id\": \"\"}-->","article",[741,744,747],{"slug":742,"name":743},"batteries","Batteries",{"slug":745,"name":746},"critical-minerals","Critical Minerals",{"slug":748,"name":749},"geopolitics","Geopolitics","private",{"id":49,"alt":626,"name":626,"focus":626,"title":626,"source":626,"filename":752,"copyright":626,"fieldtype":753,"meta_data":754,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c8e5538112/bm-img-1207.jpg","asset",{"alt":626,"title":626,"source":626,"copyright":626},"Jun 09, 2023","9th June 2023",[],[],1789982584638]