White House Targets Chinese EV Components in New Tax Credit Rules
• The White House unveiled new rules to disqualify EVs with Chinese parts from a $7,500 tax break, aiming to keep China out of the US electric car market.
• It comes as the US seeks to challenge China's dominance of the global electric battery supply chain and EV production.
• Key US automakers like Tesla and Ford still rely on Chinese battery technology in their EVs.
• The new rules will disqualify EVs from 2024 tax breaks if they have battery components made by Chinese, Russian, Iranian or North Korean entities.
• From 2025, EVs will be ineligible if they contain any critical materials extracted or processed by foreign entities controlled by China and other nations.