US House passes bill targeting China that would limit EV tax credits

WASHINGTON (Reuters) - The U.S. House of Representatives narrowly voted Thursday to approve legislation to tighten rules limiting Chinese content in vehicles qualifying for U.S. electric vehicle tax credits.

The House voted 217 to 192 to approve the bill, which has not been taken up by the Senate, to tighten the definition of Chinese components that make vehicles ineligible for U.S. EV tax credits. The Alliance for Automotive Innovation, which represents General Motors (NYSE:GM ), Toyota Motor (NYSE:TM ), Volkswagen (ETR:VOWG_p ) and other car companies, said the bill would result in fewer vehicles qualifying and would mean aggressive rules on vehicle emissions and EV targets would need to be rolled back.

Source: Investing.com