The electric vehicle revolution that Joe Biden promised isn’t going as planned.
Automakers are discovering the significant cost of trying to go electric.
And General Motors revealed one dark secret about electric vehicles that had Joe Biden fuming.
President Joe Biden is trying to use taxpayer money to prop up electric vehicles.
To spur American manufacturing, he put a made-in-American requirement into the electric vehicle tax credit in the Inflation Reduction Act.
General Motors (GM) appeared to be a slam dunk recipient of Biden’s electric vehicle tax credit.
But the company had to make a shocking admission about how they source parts.
General Motors ineligible for Biden tax credit
According to a Fox Business report, 20,000 electric vehicles manufactured by GM this year didn’t qualify for the Biden tax credit because their batteries were made with foreign components.
“GM lost access to federal tax credits for nearly all of its electric vehicle models on Jan. 1 when new requirements from the U.S. Treasury Department took effect and made many EVs ineligible for tax credits. GM Chief Financial Officer Paul Jacobson said GM built about 20,000 vehicles over a 60-day period this year that didn’t qualify for the credit,” Fox Business reported.
GM claims that after adjustments some of their models now qualify for the tax credit.
Democrats’ misnamed “Inflation Reduction Act” mandates that automakers cannot source battery components from a foreign entity of concern if they hope for their vehicles to be eligible for the tax credit.
Communist China dominates the manufacturing of electric vehicle batteries, and is listed as a foreign entity of concern by the federal government.
The electric vehicle tax credit also requires that the minerals needed to manufacture batteries be extracted and processed in America, or a country that the U.S. has a free trade agreement with.
Of course, in order to extract and process the minerals needed for EV batteries in America, the Biden regime and their fellow Democrats would have to stop blocking every single attempt to build new cobalt, nickel, lithium, and other mineral mining operations in the U.S. – there is currently only one cobalt mine, one nickel mine, and one lithium mine operational in America.
China dominates the electric vehicle market
Detroit’s Big Three automakers have to lean heavily on Communist China to produce electric vehicles.
They’re working with or sourcing their batteries from Chinese companies that dominate the industry.
Ford has discussed partnering with GM on the production of batteries.
“We can start having a competitive battery situation,” Ford CEO Jim Farley said. “We can go to common cylindrical cells that could add a lot of leverage to our purchasing capability. Maybe we should do (this) with another OEM (automaker).”
Ford has come under fire for trying to build a battery plant in Marshall, Michigan Chinese company Contemporary Amperex Technology Co. Ltd. (CATL).
The deal will see CATL provide technology and Chinese workers to Ford.
CATL’s founder Zeng Yuqun is a high-ranking official in the Chinese Communist Party (CCP).
Joe Biden’s electric vehicle agenda is turning control of the American auto industry to China and making them wealthy in the process.
US Political Daily will keep you updated on any developments to this ongoing story.
