DETROIT — The auto industry urgently needs guidance from the U.S. Treasury Department on which cars will be eligible for electric vehicle tax credits under the Inflation Reduction Act's "foreign entity of concern" rules, executives said.
"We've been working very diligently to try to determine exactly what the rules are," said Jennifer Safavian, CEO of the industry trade association Autos Drive America, at the Automotive News Congress today.
"Treasury has been a little slow in putting out some of the guidance, and we're still waiting for [clarity] on what exactly they need to do to get vehicles qualified."