Japan warned the US government over the weekend that its electric vehicle tax credit could ultimately deter investment in North America.
Cars.com CEO Alex Vetter discusses how rising interest rates are impacting car loan demand and the electric vehicle market on 'The Claman Countdown.'
Japan warned the United States over the weekend that the latter’s electric vehicle tax credits could dissuade them from investing in the world’s largest economy. sent a letter to U.S. Treasury Department on Saturday, complaining that the tax credits in the Inflation Reduction Act put Japanese carmakers at a disadvantage in the U.S. market. The Japanese government argued that the requirements for being eligible for the tax credit were "not consistent" with the shared policy between the two countries to build resilient supply chains with other allies and reduce exposure to China.
"It would be possible that Japanese automakers hesitate to make further investments towards electrification of vehicles," the government said. "This could cause negative impacts on the expansion of investment and employment in the U.S."
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