Automotive

EU Welcomes Inflation Reduction Act Update

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EU Welcomes Inflation Reduction Act Update

The European Commission gave a guarded welcome to the Inflation Reduction Act following the news that European-made commercial vehicles will qualify for Tax Credits without requiring changes to existing business models.

Guarded. The Commission remains guarded over concerns that the Act violated competition-protecting international law. A joint task force is looking into the concerns and possible solutions.

One final stipulation. While European vehicles/components are eligible for credits, companies must perform final assembly in North America.

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