A new set of Biden administration restrictions on foreign sourced EV raw materials and components may constrain production growth just as the need for zero emission vehicles to meet EPA requirements increases. With China controlling several key minerals, the race is on to develop alternate sources, but current tax credit regimes have MSRP restrictions, putting engineers in a classic bind: increased input costs, without the ability to pass those costs on to the consumer.
The regulatory regime will be a pivotal factor in the rate of EV adoption in America, and the 2024 election will greatly determine where those EV batteries will be made.
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