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News recently broke that the Biden administration plans to jack import taxes up on Chinese EVs, raising them from the current 25% to 100%. This would double the price of Chinese EVs, which would also not be eligible for federal point-of-sale tax credits. This move is obviously meant to protect domestically-produced EVs from far cheaper competition, giving the U.S. EV industry a chance to get established instead of letting consumer demand all get slurped up by Chinese companies.
Normally, protectionism is not the right move in a global economy, but that thinking only really works when you’re competing with other companies in other countries that rely on a free market. When prices are driven artificially low by a foreign government, and that other company isn’t subject to the same…
Read the full article originally published at cleantechnica.com.