{"id":1610655,"date":"2022-08-17T12:16:25","date_gmt":"2022-08-17T16:16:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1610655"},"modified":"2022-08-17T12:16:54","modified_gmt":"2022-08-17T16:16:54","slug":"automaker-price-hikes-cancel-out-electric-vehicle-tax-credits-from-inflation-reduction-act","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/automaker-price-hikes-cancel-out-electric-vehicle-tax-credits-from-inflation-reduction-act\/","title":{"rendered":"Automaker Price Hikes Cancel Out Electric Vehicle Tax Credits From Inflation Reduction Act"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fautomaker-price-hikes-cancel-out-electric-vehicle-tax-credits-from-inflation-reduction-act%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1610655&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<section data-v-f313b7e6=\"\">\n<p>On Tuesday, President <a href=\"https:\/\/thepostmillennial.com\/bidens-inflation-reduction-act-will-raise-taxes-middle-class-cbo\/\">Biden<\/a> signed the $740 billion <a href=\"https:\/\/thepostmillennial.com\/everythings-gonna-be-okay-biden-tries-to-reassure-america-by-passing-massive-spending-tax-bill\">Inflation Reduction Act<\/a> into law. Included within the new legislation is $369 billion to tackle <a href=\"https:\/\/thepostmillennial.com\/manchin-gives-in-to-schumer-agrees-to-reduced-plan-for-climate-change-new-taxes\">climate change<\/a>, with a number of proposals to woo Americans into going green. <\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>Among them is a proposed tax credit for electric vehicles. In the weeks prior to the bill becoming law, however, many automakers announced price hikes that effectively cancel out the $7,500 discounts offered by the government.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\"><\/section>\n<section data-v-f313b7e6=\"\">\n<p>Ford, for example, <a href=\"https:\/\/media.ford.com\/content\/fordmedia\/fna\/us\/en\/news\/2022\/08\/09\/ford-f-150-lightning-standard-range-increased.html\">unveiled<\/a> &#8220;updated pricing&#8221; last week, with electric vehicles in its lineup costing consumers $6,000 to $8,500 more than the previous year.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>General Motors also <a href=\"https:\/\/www.cnbc.com\/2022\/06\/17\/gm-is-raising-the-price-of-its-hummer-ev-starting-this-weekend.html\">announced<\/a> that its flagship electric vehicle, the Hummer, would be going up in price by $6,250.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>As the <em>Associated Press<\/em> <a href=\"https:\/\/apnews.com\/article\/electric-vehicles-tax-credit-cfd3d9322230446f65d629b05c2ae551\">reports<\/a>, in many cases consumers will not even be able to take advantage of the tax credits offered by the Biden administration&#8217;s new legislation, since most current electric vehicles would not even qualify.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>In order to receive the credit, the electric vehicle being purchased must have a battery that was built in North America with components that have been mined or recycled on the continent.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>According to John Bozzella, CEO of the Alliance of Automotive Innovation, only twenty-two of the seventy-two currently available electric, hydrogen, or plug-in hybrid models in the US would be eligible for the tax credit under the new rules.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>The restrictions were put in place by the Biden administration in an attempt to end reliance on electric vehicle batteries from <a href=\"https:\/\/thepostmillennial.com\/electric-car-batteries-tied-to-forced-labor-in-china-report\">China<\/a>. Outside North America, there have been reports that mining and other practices related to the construction of such batteries has come at <a href=\"https:\/\/thepostmillennial.com\/electric-car-batteries-tied-to-forced-labor-in-china-report\">great human and environmental cost<\/a>.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>There has been a push as of late to get more Americans into electric vehicles. Transportation Secretary Pete Buttigieg has repeatedly touted their benefits for people across the country.<\/p>\n<\/section>\n<section data-v-f313b7e6=\"\">\n<p>In response, some automakers have taken dramatic steps to go green. On Tuesday, Dodge <a href=\"https:\/\/www.dailywire.com\/news\/dodge-ending-production-of-iconic-muscle-cars-to-push-forward-with-electric-vehicles\">announced<\/a> that it would be ending production of its iconic Charger and Challenger muscle cars to make way for the next generation of electric vehicles.<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>On Tuesday, President Biden signed the $740 billion Inflation Reduction Act into law. Included within the new legislation is $369 billion to tackle climate change, with a number of<\/p>\n","protected":false},"author":1,"featured_media":1611054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1610655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1610655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1610655"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1610655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1611054"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1610655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1610655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1610655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}