Politics & Finances

GM Confirms It Will Be Years Before It Is Inflation Reduction Act Compliant

11/1/2022

General Motors (GM) has confirmed that it will not be compliant with the electric vehicle tax rebate requirements laid out in President Biden's Inflation Reduction Act for at least two to three years.

The auto giant, founded by William C. Durant in Flint, Michigan in 1908, shared details about their plan to comply with the refund regulations this week.

According to an Autoblog article, CEO Mary Barra said "based on our expectations with the supply moves that we've already made, some of the vehicles will be eligible for the $3,750 credits starting in January [2023], and then we'll ramp toward full qualification across the broad portfolio in two to three years as some of the different supply comes online in North America or in the United States."

By 2030, GM plans to launch 30 new electric vehicles (EVs). Six of these are expected to fall under the MSRP threshold -- $55,000 for new cars and $80,000 for new SUVs and trucks -- laid out in the IRA.

Ford Motor Company has also weighed in on the situation, with CEO Jim Farley telling investors, "Next year, we believe we’ll meet the $3,750 critical minerals credit requirement on certain Mustang Mach-E and F-150 Lightning models. In ’24, the rules will further restrict this critical materials credit. So, we believe it’s a fairly level playing field right now for all the OEMs as our supply chain of critical minerals extracted or processed in the U.S. and [the Free Trade Area] develops."

While domestic manufacturers seem optimistic about the future, some foreign vehicle companies have been more scathing.

Hyundai officials, for example, have spoken out about the "astronomical blow" that the new regulations will be to their company.

Per CNBC, Hyundai, and its subsidiaries Kia and Genesis, have quickly become the second best-selling automaker of EVs in the nation -- behind Elon Musk's Tesla Motors -- representing 8.1% of the market through the third quarter.

In August, after the Inflation Reduction Act was signed into law, it became apparent that the new regulations applied to very few -- if any -- of the EV models currently on the market in the United States.

At the time, a report pointed out, the "rules are written in such a way as to effectively disqualify every EV that's currently on the market today." This is due to the fact that the vast majority -- over 75%, in fact -- of today's electric vehicle models run on lithium-ion batteries that are manufactured in China.

In order to secure the Senate's vote, Capitol Hill Democrats had to agree to the provision that the new EV tax credit would only apply to vehicles with batteries made in North America.

What do you think about the Inflation Reduction Act's EV manufacturing restrictions?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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