A new law is in place to provide tax credits for Americans who purchase electric cars. Still, some are worried this might harm other automakers such as Hyundai.
These concerns were noted by U.S. Sen. Raphael Warnock when he sent a letter to Secretary Janet Yellen about the revised Tax Credit on Friday.
The Treasury Department may raise the bar for companies to qualify for the electric vehicle tax credit, which would affect companies not producing E.V.s in Georgia.
The letter asks for maximum flexibility when interpreting regulations to ensure that companies who want to build E.V.s are not penalized by Congress' revisions.
Hyundai plans to spend $5.5 billion on building an electric vehicle plant and hiring 8,100 workers in Georgia. They were concerned about removing the federal tax credit from their company.
However, many officials are concerned. "Hyundai is quite concerned about the lack of the tax credit," said Tolleson. He frequently meets with Hyundai officials to discuss the planned Georgia plant.
He hopes the Biden administration will work to fix this problem. It is crucial to get it done because there are a lot of stakes in this project and many people want Catalonia in the U.S.
Warnock stated that passing the bill in Congress would significantly benefit citizens. In addition, the new legislation will expand electric vehicle production at factories in South Georgia and is a sign that "we're serious about the future of electric vehicles."