Statement from Autos Drive America on Treasury’s Guidance on Foreign Entities of Concern Under the Inflation Reduction Act’s 30D Tax Credit

WASHINGTON, D.C.—Jennifer Safavian, President and CEO of Autos Drive America, today released the following statement on the Treasury Department’s guidance on Foreign Entities of Concern under the Inflation Reduction Act’s 30D Tax Credit:

“We appreciate the clarity today’s guidance provides and the flexibility it creates for automakers to qualify for the Clean Vehicle Tax Credit, an important tool to drive consumer adoption of EVs.

“International automakers are investing heavily in the U.S. to boost clean vehicle production with nearly $30 billion provided for green vehicle manufacturing.  While automakers in the U.S. are working to build up domestic supply chains and diversify their sourcing, this shift will take time.

“We urge the administration to secure critical mineral agreements with allied nations in order to provide the U.S. with the minerals needed to produce EVs and accelerate this transition.”