Biden administration to release tax-credit rules Friday, WSJ reports

The Biden administration is expected to release tax-credit rules on Friday, deciding what will disqualify EVs from eligibility for the $7,500 consumer subsidy, The Wall Street Journal’s Andrew Duehren reports. The U.S. last year revamped a $7,500 tax subsidy for people who buy new EVs, with one change saying consumers can’t claim the credit if they purchase cars containing battery materials from a “foreign entity of concern.” The Biden administration’s guidance will likely block the subsidy for cars containing batteries, components or minerals made by state-owned Chinese companies. Publicly traded companies in the space include Tesla (TSLA), Rivian (RIVN), GM (GM) and Ford (F).