Ever since electric vehicle (EV) tax credits were introduced, they were given specifically with US-based companies in mind. Exempt from this tax credit are batteries made in Chinese factories or made with Chinese-extracted raw materials. Even with the Biden administration subsidizing US manufacturers, the Chinese are leading the way, and have been for some time now.
Sen. Debbie Stabenow (D-MI) told Bloomberg News that the $7,500 tax credit would be instituted over time, and won’t simply become a thing in January 2024. If made, these Chinese firms would indirectly cash in on Federal subsidies designed for American factories and businesses. A massive adjustment like this is only an option due to the “America Fifth” mindset of President Biden.
The tax credit was a part of the Inflation Reduction Act. Just one of several programs the Biden regime introduced to try and get EV sales to make up at least 50% of the market by 2030. This effort is one that every auto manufacturer has told Biden and other leaders is not possible, but that they would give their all. When initially brought up, Technoking and Tesla CEO Elon Musk infamously told Biden it wasn’t possible.
When someone who has made the base of their business and income off green technology like Musk did with Tesla says it’s not happening, Biden should have listened. Other automakers have pivoted to do his bidding and are finding themselves stuck. Stuck with partially finished cars, and cars that show up on dealership lots with no buyers.
Musk brought up the same reasons for not jumping in lockstep with Biden that most Americans have introduced. They are expensive, and the tax credits take forever to show up. Plus, they don’t have an amazing range of extremely quick recharge times. Add in the lack of a nationwide recharging network, and people simply don’t want to spend their money.
Giving those credits to a Chinese company won’t solve the problem, nor will it take a chunk out of the American consumer’s spending. It’s not a fix to the situation, nor does it boost the economy. Hell, it doesn’t push the green idea either. Instead, this simply supports the Chinese and takes away from American jobs.
