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U.S. EV Tax Credit Policy Takes a Break

• Temporary Exemption: The Biden administration may offer a temporary exemption from stringent EV tax credit rules.
• Impact: This could affect the eligibility for a $7,500 subsidy under the climate law, which currently limits tax breaks for EVs using battery parts or minerals from 'entities of concern,' mainly Chinese suppliers.
• Reason: To reduce the immediate impact on the EV market, as many U.S. battery plants are under construction.
• Awaited Details: Automakers and consumers await final details, shaping the future of EVs in the U.S.

"Wait, maybe I was overzealous..." has been going around lately in the EV world.

Europe's Electric Vehicle Market

• Market Growth: ACEA predicts that the EV market share in Europe will increase from 14% in 2023 to 20% in 2024.
• Regulatory Scrutiny: The EU's antitrust team is investigating five major car battery makers for potential price-fixing between 2004 and 2017.
• Challenge: Europe's auto industry is transitioning to electric but faces regulatory challenges.

Did anybody have "EV Battery Cartels" on their 2023 BINGO card?

Ford Motor's Financial Update

• 2023 Guidance: Ford reinstates its financial forecast with $10 to $10.5 billion in adjusted EBIT and $5 to $5.5 billion in adjusted free cash flow.
• UAW Labor Agreement: The new deal, expiring in April 2028, will cost Ford $8.8 billion and increase vehicle costs by approximately $900 by 2028.
• Efficiency Plans: Ford intends to offset these costs through productivity improvements and canceling or postponing $12 billion in EV investments.

Investing in workers is the canvas on which all other investment aspirations sketch their ROI.

EV Charging Infrastructure Expansion

• U.S. and Global Developments: EVgo expands in Ohio, while Mercedes-Benz and BMW plan 1,000+ EV charging stations in China by 2026.
• Eco-friendly Charging: Research finds EV charging could be better but is more environmentally friendly, especially with renewable energy sources.

Less carbon in the air and more mining runoff in the water and soil.

Consumer Reports on EV Reliability

• Reliability Concerns: EVs report 79% more problems than gasoline vehicles; plug-in hybrids have 146% more issues.
• Hybrids Lead in Reliability: Hybrids are 26% more reliable than gasoline cars.
• Consumer Advice: Opt for older EV models for better reliability; Asian brands like Lexus and Toyota lead in overall reliability.

After "within my budget," most Americans hold "Won't break down all the time" pretty high in their new ride consideration priorities.