{"id":26689,"date":"2022-10-27T10:25:18","date_gmt":"2022-10-27T09:25:18","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=26689"},"modified":"2024-01-19T14:52:00","modified_gmt":"2024-01-19T14:52:00","slug":"us-lithium-production-could-be-greatly-increased-by-new-inflation-reduction-act","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/us-lithium-production-could-be-greatly-increased-by-new-inflation-reduction-act\/26689\/","title":{"rendered":"US\u2019 lithium production could be greatly increased by new Inflation Reduction Act"},"content":{"rendered":"
In the midst of an economic battle with China, the US has delivered a strong and clear mandate to develop an American EV industry from the ground up.<\/p>\n
The Reduction Act contains tax credits and incentives that will nurture US supply chain growth, extending from the showroom floor to domestic battery manufacturers and the lithium production industry.<\/p>\n
The law restricts federal tax credit dollars for US EV buyers, which will encourage consumers to buy American. The measure is designed to reduce demand for Chinese battery imports and grow the market for lithium battery production in the US, or by a close American ally.<\/p>\n
\u201cThe IRA will go a long way towards accelerating the build-out of a more regionalised EV supply chain,\u201d said Chris Berry, President of US consultancy, House Mountain Partners.<\/p>\n