Tag: Tax Credits, Deductions and Exemptions

Tesla Sales Surge as Tax Credits Fuel Demand

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Tesla sales rose 10 percent in the second quarter as the company led by Elon Musk benefited from government incentives and price cuts that made its electric cars less expensive than comparable gasoline models. Tesla delivered 466,000 vehicles from April through June, up from 423,000 vehicles in the previous quarter, the company said on Sunday. Compared with a year earlier, sales in the second quarter rose 83 percent as the company expanded production at new factories in Austin, Texas, and near Berlin. Rules that took effect this year allowed buyers…

Europe Frets U.S. Battery Factory Subsidies Will Hurt, Not Help

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European leaders complained for years that the United States was not doing enough to fight climate change. Now that the Biden administration has devoted hundreds of billions of dollars to that cause, many Europeans are complaining that the United States is going about it the wrong way. That new critique is born of a deep fear in Germany, France, Britain and other European countries that Washington’s approach will hurt the allies it ought to be working with, luring away much of the new investments in electric car and battery factories not already…

U.S. Solar Makers Criticize Biden’s Tax Credits as Too Lax on China

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Biden administration rules released on Friday that will determine which companies and manufacturers can benefit from new solar industry tax credits are being criticized by U.S.-based makers of solar products, who say the guidelines do not go far enough to try to lure manufacturing back from China. The rules stem from President Biden’s sweeping clean energy bill, which offers a mix of tax credits and other incentives to try and spur the construction of more solar factories in the United States and reduce the country’s reliance on China for clean…

Tesla’s Profit Dropped Sharply in First Quarter as It Cut Prices

Chin@Strategy

Tesla’s profit fell sharply in the first three months of the year after it cut the prices of its electric vehicles, the company said on Wednesday. The carmaker, led by Elon Musk, said it had made $2.5 billion in the first quarter, a drop from $3.7 billion in the last three months of last year and $3.3 billion in the first quarter of 2022. Tesla sold more electric cars in the United States last year than all its competitors combined. But its market share slipped as traditional carmakers like General…

U.S. Car Brands Will Benefit Most From Electric Vehicle Tax Breaks

Chin@Strategy

American brands like Tesla and General Motors will benefit most from rules that determine which electric vehicles qualify for tax credits starting on Tuesday. Foreign carmakers like Hyundai will be at a significant disadvantage because of restrictions aimed at cutting China out of the supply chain. Only 10 vehicles will initially qualify for tax credits of $7,500, less than a quarter of the battery-powered cars on sale in the United States. But those 10 include many of the most popular models and accounted for two-thirds of electric vehicle sales before…

Biden and E.U. Leader to Discuss Ukraine and Trade Spat

Chin@Strategy

WASHINGTON — President Biden is scheduled to meet on Friday afternoon with Ursula von der Leyen, the president of the European Commission, and the two leaders are expected to coordinate on support for Ukraine and open negotiations over U.S. clean energy subsidies that have prompted anger among some European nations. The discussion, scheduled for 2 p.m. at the White House, will range from a potential trade deal to concerns over China’s support for Moscow, and will be a test of the trans-Atlantic allies’ ability to hold together a unified front…

U.S. Pours Money Into Chips, but Even Soaring Spending Has Limits

Chin@Strategy

In September, the chip giant Intel gathered officials at a patch of land near Columbus, Ohio, where it pledged to invest at least $20 billion in two new factories to make semiconductors. A month later, Micron Technology celebrated a new manufacturing site near Syracuse, N.Y., where the chip company expected to spend $20 billion by the end of the decade and eventually perhaps five times that. And in December, Taiwan Semiconductor Manufacturing Company hosted a shindig in Phoenix, where it plans to triple its investment to $40 billion and build…