Japanese carmakers don’t offer much in the way of new technology. Nonetheless, Tokyo is sounding the alarm on U.S. President Joe Biden’s plan, via his Inflation Reduction Act, to offer credits for electric vehicles, officially noting it threatens Japanese carmakers in America, and will discourage investment. That’s fair.
A visitor to the Washington Auto Show takes pictures of an electric Toyota Rhombus concept car in Washington, U.S., January 25, 2022 REUTERS/Kevin Lamarque - RC2G6S9YKUAW
HONG KONG, Nov 7 - Japanese carmakers don’t offer much in the way of new technology. Nonetheless, Tokyo is sounding the alarm on U.S. President Joe Biden’s plan, via his, to offer credits for electric vehicles, officially noting it threatens Japanese carmakers in America, and will discourage investment. That’s fair.
The legislation demands that processes from mineral extraction to manufacturing happen onshore or in a country with a U.S. free-trade agreement – onerous requirements when supply chains for battery-powered vehicles are concentrated in China. South Korean and European stakeholders areFor Japanese automakers, the transition was already daunting. Most of their sales are gas guzzlers or hybrids.
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