EVs -- The Biden Bill -- August 15, 2022

The Biden Bill, EVs-2022, is an "investors' bill. The bulk of the money goes to US auto manufacturers. No money to manufacturers outside North America; and most incentives target manufacturers, not consumers. 

EVs: link here. Scorecard.

• cash burn
  
• graphite
• not for me. "Energy transition is dead" is followed here.
  
• EVs charging.  

The Biden Bill -- the Inflation Reduction Act (climate, health, and tax)

MSN-Reuters, August 15, 2022: the article is a bit confusing. Data points:

• the bill will eliminate EV tax credits for most models currently getting up to $7,500 effective (sic)
• restructures the existing $7,500 new EV tax credit
• creates a new $4,000 rebate for used EVs
• but the bulk goes to auto manufacturers: loan programs; tax credit and grant programs

New law:

• 70% of 72 US electric, plug-in hybrid, and fuel-cell EVs that currently qualify, ineligible
• none would qualify for the full credit when additional sourcing requirements go into effect

CBO estimate:

• 11,000 new EVs will receive tax credits in 2023 assuming $7,500 per vehicle

Those that won't qualify

• Audi of America
• only its plug-in hybrid will retain existing federal credit through the end of 2022
• Kia
• Porsche
• any vehicles assembled outside of North America
• huge hit for EU, South Korea, and many others

200,000 vehicle cap:

• GM
• Tesla

New credits available for those who exceed 200,000-cap

• stricter sourcing and income rules

Comment: this looks exactly like a bill that Trump would have signed:

• bill would eliminate tax credits for the "wealthy"
• bill would favor middle income
• money targets the manufacturers and the workers in those industries, not the buyers
• vehicles need to be assembled in North America (including Canada and Mexico)
• for investors: another open-book test
• the reason 70% of 72 US electric, plug-in hybrid, and fuel-cell EVs that currently qualify would no longer qualify: assemble must be in US. I'm sure Trump would have wanted the same thing 
• for companies like Apple, this is huge -- they now have the "new" rules