Electric vehicles made in Canada will qualify for hefty consumer tax credits in the United States after all. That has those in Canada’s auto industry celebrating.
U.S. lawmakers are studying the $739-billion (all figures in USD) proposal struck by two top negotiators, Democrat Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin, the conservative West Virginia Democrat who rejected U.S. President Joe Biden's earlier drafts but surprised colleagues late Wednesday with a new one.
The Democrats' 725-page “Inflation Reduction Act of 2022” would invest $369 billion over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.