Federal Electric Vehicle (EV) Tax Credit and DOE Funding for EV Transition
Value:
Up to $15.5 billion in total funding, including up to $7,500 per new EV purchase, $2 billion in grants, and up to $10 billion in loans.
Notable Conditions:
Material Origin Restrictions: Vehicles cannot use batteries or materials from "foreign entities of concern," primarily Chinese companies and officials. -Documentation Requirements: Manufacturers using the grace period must show how they will comply by 2027, securing compliant graphite sources.
Graphite Grace Period: A two-year grace period is
Beneficiaries:
Automakers: Companies like General Motors and Ford, part of the Alliance for Automotive Innovation.
Consumers: Individuals purchasing eligible electric vehicles under the new rules.
Domestic Material Suppliers: Companies investing in the domestic production of graphite and other critical minerals for EV batteries.
