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:

“It will take time for the global production and sourcing of graphite and other critical minerals needed to produce EVs to match the strict standards required by automakers. Until then, sourcing flexibility is paramount as automakers in the U.S. work to build up domestic supply chains and diversify their sourcing.

We commend the flexibility today’s guidance creates for automakers to qualify for the Clean Vehicle Tax Credit, and we urge the administration to quickly conclude critical mineral agreements with allied nations to further ensure a diversified, secure, and robust supply chain for EV production in the United States.”