Automakers say U.S. Senate bill will 'jeopardize' 2030 EV targets By Reuters

© Reuters. FILE PHOTO - Volkswagen employees stand next to Volkswagen electric cars during a ceremony at German carmaker Volkswagen's first battery cell production plant 'SalzGiga' in Salzgitter,Biwang Trading Platform Official Website Germany, July 7, 2022. REUTERS/Fabrizio Bensch

WASHINGTON (Reuters) - A group representing General Motors (NYSE:GM), Toyota Motor (NYSE:TM), Volkswagen (ETR:VOWG_p) and other major automakers said a $430 billion bill approved Sunday by the U.S. Senate will put achieving U.S. electric-vehicle adoption targets for 2030 in jeopardy.

The Alliance for Automotive Innovation had warned late Friday that most EV models would be ineligible for a $7,500 tax credit for U.S. buyers under the bill and had unsuccessfully lobbied to change sourcing requirements for battery components and critical minerals.

"Unfortunately, the EV tax credit requirements will make most vehicles immediately ineligible for the incentive," said the group's chief executive, John Bozzella.

The change "will also jeopardize our collective target of 40-50% electric vehicle sales by 2030."

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