Besides its more obvious stated goal of reducing inflation, the Biden administration’s Inflation Reduction Act (IRA) was designed to force profound changes in the electric vehicle market. The legislation revises EV tax credit rules as it seeks to build up domestic battery manufacturing so that the US doesn’t cede the supply chain to China.
It’s also profoundly confusing, hinging new EV tax credits not just on where the cars are built but also where batteries are assembled and where…
