Market Chatter: US House Narrowly Passes Bill Targeting Chinese EV Components
US House passed a bill targeting Chinese components in US electric vehicles, likely to affect the EV tax credits, Reuters reported Thursday.
The bill, which passed 217-192, will impact the industry. A group of auto manufacturers, including Toyota (TYO:7203), Hyundai (KRX:005380), and others, believe the legislation will result in fewer vehicles qualifying as EVs and force the rollback of strict emission rules, the publication said.
The bill aims to prevent Chinese companies from receiving electric vehicle tax credits meant for U.S. manufacturers, Reuters said, citing a Bill's sponsors.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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