Rollback in IRA's EV incentives would benefit China, says GM board member
Publishing timestamp: 2024-05-22 14:15:53
Summary
GM board member Jon McNeill believes that any significant reductions or rollback of the Inflation Reduction Act's support for electric vehicles would benefit China. The act includes incentives for consumers to buy EVs and support for carmakers and suppliers to produce all-electric vehicles in North America. There are concerns that Chinese automakers could flood global markets and undercut domestic production. Former President Donald Trump has hinted at gutting clean energy initiatives like the IRA if re-elected. President Joe Biden has announced plans to quadruple tariffs on China-made electric vehicles to help U.S. automakers compete.
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