{"id":76701,"date":"2023-03-28T02:06:12","date_gmt":"2023-03-28T02:06:12","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/"},"modified":"2023-03-28T02:06:12","modified_gmt":"2023-03-28T02:06:12","slug":"the-us-inflation-reduction-act-will-hike-ev-production-costs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/","title":{"rendered":"The US\u2019 Inflation Reduction Act will hike EV production costs"},"content":{"rendered":"

<\/a> Biden\u2019s Inflation Reduction Act is going to spike EV prices: <\/strong>Regulations under the Inflation Reduction Act<\/a> to begin the immediate manufacture of EV components including chargers in US-based production plants are drawing concern from automakers, industry sources tell Reuters<\/a>. The US currently lacks the domestic capacity to engage in full fledged EV production in line with the IRA\u2019s targets, especially on EV chargers, the newswire notes, adding that industry players worry strict enforcement of the Act would slow the rollout of EVs and hike production costs.<\/p>\n

An unrealistic timeline:<\/strong> Moving production from foreign markets takes as long as 18 months and immediate enforcement of the bill to relocate manufacturing to the US could drive EV costs up by 25-30%, co-founder of EV chargers manufacturer XCharge<\/a> Aatish Patel tells Reuters. A mandate to source 55% of EV costs in the US has been postponed from its 2023 deadline to July 2024, according to a White House<\/a> statement. The EV industry expects more deferrals in other terms to follow for the IRA\u2019s EV production targets to be met, Reuters notes.<\/p>\n

Americans are eager to switch to EVs: <\/strong>34% of US respondents to a recent poll<\/a> by Reuters and French market research and consulting firm Ipsos said they would consider purchasing electric vehicles for their next car. The Biden-Harris administration has a target to have hybrid and EV models comprise half of all new domestic car sales by 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"

Biden\u2019s Inflation Reduction Act is going to spike EV prices: Regulations under the Inflation Reduction Act to begin the immediate manufacture of EV components including chargers in US-based production plants are drawing concern from automakers, industry sources tell Reuters. The US currently lacks the domestic capacity to engage in full fledged EV production in line […]<\/p>\n","protected":false},"author":1,"featured_media":76702,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[157],"tags":[156,11,64,457],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-76701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-in-the-news","tag-climate-in-the-news","tag-enterpriseclimate","tag-evs","tag-inflation-reduction-act","wpautop","entry"],"acf":{"mongo_id":"8d5c3d5f-b7b2-453c-a7f6-e0541ca2d41d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/711.jpg","photo_position":"above","related_issue":[76689],"teaser":"","voice_url":""},"yoast_head":"\nThe US\u2019 Inflation Reduction Act will hike EV production costs - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The US\u2019 Inflation Reduction Act will hike EV production costs\" \/>\n<meta property=\"og:description\" content=\"Biden\u2019s Inflation Reduction Act is going to spike EV prices: Regulations under the Inflation Reduction Act to begin the immediate manufacture of EV components including chargers in US-based production plants are drawing concern from automakers, industry sources tell Reuters. The US currently lacks the domestic capacity to engage in full fledged EV production in line […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-28T02:06:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/711.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The US\u2019 Inflation Reduction Act will hike EV production costs\",\"datePublished\":\"2023-03-28T02:06:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/\"},\"wordCount\":243,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/711.jpg?fit=%2C&ssl=1\",\"keywords\":[\"CLIMATE IN THE NEWS\",\"EnterpriseClimate\",\"EVs\",\"Inflation Reduction Act\"],\"articleSection\":[\"CLIMATE IN THE NEWS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/28\/the-us-inflation-reduction-act-will-hike-ev-production-costs\/\",\"name\":\"The US\u2019 Inflation Reduction Act will hike EV production costs - 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