Hyperdrive
Tesla Price War Padded By $1.8 Billion Windfall from Biden’s IRA
- Tesla, Panasonic benefit early from IRA production tax credits
- Law gives hefty incentives for making EV batteries in the US
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Elon Musk is getting more firepower for his electric-vehicle price war thanks to President Joe Biden’s signature climate legislation.
Tesla Inc. and its battery partner are poised to receive about $1.8 billion in production tax credits this year under the Inflation Reduction Act, according to forecasts from researcher Benchmark Mineral Intelligence – a windfall that far exceeds an estimated $480 million haul for General Motors Co. and LG Energy Solution. Another rival, Ford Motor Co., won’t begin to reap any benefits from the law’s battery manufacturing credits until 2025.