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Electric Vehicles

Yellen Tempers Expectations for Major EV Tax-Credit Tweaks

  • ‘The legislation is what it is,’ Yellen tells reporters
  • Automakers, foreign countries lobbying Treasury for tweaks
Janet Yellen

Janet Yellen

Photographer: Valeria Mongelli/Bloomberg

US Treasury Secretary Janet Yellen is throwing cold water on expectations that the agency will provide relief to foreign automakers lobbying against stringent limits on a popular electric-vehicle tax credit.

“I’ve heard a lot about the concerns of the Koreans and Europeans about those rules, and we’ll certainly take them into account,” but “the legislation is what it is,” Yellen told reporters Monday. “We have to implement the law that was written.”