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US gov't credit requires 40% of an EV's battery metals to be sourced in the US or free trade countries - report

Kitco Media
By Michael McCrae
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To qualify for the electric vehicle credit that is included in a proposed climate bill, a vehicle must have at least 40% of its battery critical minerals from the United States or countries with a free trade agreement with the U.S., according to Electrek.

Yesterday senators Joe Manchin and Chuck Schumer agreed on a $430 billion tax, drugs and energy bill, which includes a new vehicles credit to speed the adoption of electric vehicles. The bill is still not law.

The material requirement rises to 80% by 2027. Free trade agreement countries include Peru and Chile but not Argentina.

Electrek broke down components of the proposed bill.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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