More Americans could be eligible for EV tax credits

  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why more Americans could benefit from new U.S. electric vehicle rules.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Investors are reacting positively to the April jobs report.
00:08While the U.S. economy posted its weakest job growth in six months, investors hope the
00:13softer-than-expected report could mean the Fed will cut interest rates sooner rather
00:17than later.
00:19Markets are pricing in a 50 percent chance the Fed slashes rates by September.
00:24Investors are also looking ahead to a busy week of earnings.
00:27Companies like Airbnb, Uber, Warner Bros. Discovery, and several others are slated
00:32to release quarterly results next week.
00:35Looking at other business headlines, if you're interested in buying an electric vehicle,
00:40there might be some good news coming your way.
00:42The U.S. government has changed some of the rules around tax credits for EVs.
00:47Automakers will now have more time to comply with electric battery regulations.
00:52Many more EVs could be eligible for a tax credit of up to $7,500.
00:57But there is some fine print here to consider.
01:00The amount of credits given depend on a person's income, where the car was assembled, and requirements
01:06tied to a car's battery makeup.
01:08Forget about the full tax credit if the car contains battery minerals from countries considered
01:13hostile to the United States.
01:15Countries on that list include China, Russia, North Korea, and Iran.
01:21According to the Alliance for Automotive Innovation, only 13 of the 114 EV models currently sold
01:28in the U.S. are eligible for the full $7,500 credit.
01:33The changes are aimed at trying to persuade more Americans to purchase electric vehicles.
01:37The Biden administration's goal is to have half of all new vehicle sales be electric
01:42by 2030.
01:43EV sales grew by only 3.3 percent in the first three months of this year, compared to a 47
01:51percent increase in the same period a year ago.
01:54And that'll do it for your daily briefing from the New York Stock Exchange.
01:57I'm Conway Gittens with The Street.

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