Bergen County big Investment in EV’s
the staff of the Ridgewood blog
Ridgewood NJ, Ford Motor CEO Jim Farley does not expect the costs of raw materials for the company’s electric vehicles to ease in the near future, marking the latest signal that automakers will continue hiking prices for their new EVs.
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Bergen County big Investment in EV’s
“I don’t think there’s going to be much relief on lithium, cobalt and nickel anytime soon,” Farley told reporters Wednesday during an event at the automaker’s Michigan Assembly Plant.
Farley’s comments come a day after the Detroit automaker announced it would be raising the starting prices for its electric F-150 pickup due to “significant material cost increases.” The increases range from $6,000 to $8,500, depending on the model. Ford isn’t alone: Rival Tesla increased its U.S. prices in June.
Meanwhile the so called Inflation Reduction Act, aka the Manchin-Schumer bill includes a huge tax credit of up to $7,500 for buying a new EV and $4,000 for A used ONE
But many EVs won’t meet the requirements Manchin insisted on that the cars are built in North America with minerals mined or recycled on this continent. The Associated Press estimates some 50 of the 72 electric or hybrid models now being sold won’t meet the requirement. John Bozzella, CEO of the Alliance of Automotive Innovation, predicts that “no vehicles will qualify for this purchase over the next few years.”
Auto industry expert Patrick Anderson of Michigan calculates that as many as 75% of EVs will be ineligible for the subsidies – in part because the batteries are predominantly made in China.