EVs in the US

The US Treasury is reversing a previous stance and changing its definition of "SUV." The adjustment will make more EVs fall under the SUV category. Electric SUVs retailed at, or below, $80K are eligible for up to $7,500 in tax credits, whereas smaller vehicles cap at $55K. 

Same team. The decision follows criticism and lobbying by Tesla, Ford, and GM to change the rule in the interest of the Biden admin's EV adoption goals. 

In a different part of the capitol, a bipartisan congressional probe will suss out the extent of the US EV industry's reliance on China. 

In short: 

• China is the lead provider of many materials needed for EV production.
• New deals between OEMs and US sourcing/manufacturing groups could make Chinese suppliers optional with time.
• The US wants to know the current level of each OEM's reliance, the potential risks to national security, and what, if any, role forced labor plays in the material sourcing industry.