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Treasury says consumer leases can qualify for EV tax credits
The U.S. Treasury Department said Thursday that electric vehicles leased by consumers starting Jan. 1 can qualify for up to $7,500 in commercial clean vehicle tax credits, a decision that makes those assembled outside North America eligible.
The announcement is a win for South Korea and some automakers that earlier this month sought approval to use the commercial electric vehicle tax credit to boost consumer EV access. Automakers said the credit could be used to reduce leasing prices.
The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for purchases of electric vehicles assembled outside North America, angering South Korea, the European Union, Japan and others. The new Treasury guidance does not change the definition of what constitutes North American assembly to make more vehicles eligible for EV purchases.
That law lifts the 200,000-vehicle per manufacturer cap that had made Tesla and General Motors ineligible for EV tax credits starting Jan. 1. Treasury will release an initial list of eligible 2023 EVs Thursday and expects a more comprehensive list by Saturday.
On Dec. 19, Treasury said it would delay until March releasing proposed guidance on required sourcing of EV batteries, which means some EVs that do not meet the new requirements may have a brief window of eligibility in 2023 before battery rules take effect.
Twitter back online after global outage hits thousands
Twitter Inc suffered a major outage on Wednesday, leaving tens of thousands of users globally unable to access the popular social media platform or use its key features for several hours before services appeared to come back online.
The incident is the social media site’s first apparent widespread service disruption since billionaire Elon Musk took over Twitter as CEO in late October.
Downdetector, a website that tracks outages through a range of sources including user reports, showed more than 10,000 affected users from the United States, about 2,500 from Japan and about 2,500 from the UK at the peak of the disruption.
Musk tweeted later on Wednesday that “Significant backend server architecture changes” had been rolled out and that “Twitter should feel faster”, but his post did not make any reference to the downtime reported by users.
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Nasdaq leads late year rally, oil falls to $77
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