Many automakers and the South Korean government are urging the Biden administration to tap a commercial electric vehicle tax credit to boost consumer EV access, a plan that could help ease concerns over a climate bill approved in Congress. The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, sparking anger from South Korea, the European Union, Japan and others. Some automakers say a lesser noticed IRA provision for "commercial clean vehicles" could be used to boost EV manufacturers and address foreign concerns.
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BYD could build up to two passenger car plants in Europe, an executive said, also confirming that the company is buying its own ships to export cars.
As Tesla's insurance subsidy for Chinese consumers buying inventory cars was halved in December, it's offering new discounts to spur demand.