New guidance issued by the US reaffirms that European Union (EU) companies can benefit from the Commercial Clean Vehicle Credit scheme under the US Inflation Reduction Act. The EU says it welcomes this guidance, which reflects constructive engagement as part of the EU-US Inflation Reduction Act Task Force at senior official level.
Whew. Man, that was tense for awhile. And maybe it still is, just a bit more behind the scenes.
The $430 billion clean energy law, which extends tax credits for US-produced electric vehicles (EVs), had sparked fears it could propel the US to the top place in the global EV market — at the expense of European countries.
From the EU’s perspective, the US concession to EU participation in the Commercial Clean Vehicle Credit scheme is a start, but further improvements are still required. Provisions continue to discriminate against clean vehicles and inputs made in the EU, which violated international law. By weakening competition, it also risked raising prices.
EU companies will be able to immediately benefit from the new guidance. Meanwhile, discussions on outstanding issues will continue in the US-EU Task Force on the Inflation Reduction Act. The EU is urging the US to add more benefits for European car manufacturers.
Subscribers can read the full article here: EU Companies Can Benefit From US Commercial Clean Vehicle Credit After All
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