Volkswagen and Mercedes line up tariff-friendly battery supplies in deals with Canada.
Volkswagen AG and Mercedes-Benz Group AG have sealed agreements with Canada to secure access to raw materials such as nickel, cobalt and lithium for battery production, according to people familiar with the accords.
The Biden administration’s Inflation Reduction Act allows consumers to continue getting as much as $7,500 in tax credits for electric vehicles if manufacturers meet new content requirements. Minerals must be extracted from or processed in countries the US has a free trade agreement with, and a large percentage of battery components need to be manufactured or assembled in North America.
The goal would be to ease a coming battery shortage by supplementing suppliers with its own production, De Nysschen said in an interview at the company’s new battery testing lab in Chattanooga, Tennessee. The board was still weighing the idea, and no final decision had been made, he added.
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