Automotive

Regulations, Growth, and Tax Credits (No, Not Those)

TL:DR — Australia cut emissions, China cut taxes, and the US cut the illusion that electrification isn't a snowball picking up momentum.
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Regulations, Growth, and Tax Credits (No, Not Those)

🇦🇺 🦘 Australia plans to introduce carbon emission regulations to boost domestic electric vehicle adoption. Our friends down under are riding the struggle bus to the electric avenue, with just 2% of auto sales coming from electric vehicles. In comparison, Europe has climbed to 17%. AU leaders say the country has to provide customers zero emission choices or the country may quickly become an old-tech dumping ground

🇨🇳 🐼 China will extend its purchase tax exemptions on new energy vehicles to the end o 2023. State media reported the plan will create $14,668,994,000 in tax cuts. We've read so much about US EV tax credits that we had almost forgotten EVs or taxes existed for other countries. This was a refreshing rediscovery. 

🇺🇸 🦅 US EV sales, including hybrids, increased to 6.2% of all new vehicle sales in the first half of 2022. This was a 41% increase from last year's 3.6% in the same period. California, Florida, New York, Texas, and New Jersey had the highest numbers of EV sales. Total new car sales so far in 2022 are down slightly, making the uptick in EV sales more interesting.

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