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China and EV tax credit, EV affordability and battery materials, 2024 finalists: Today’s Car News

Fewer EVs with connections to China may soon be tax-credit-eligible. EVs still make up a tiny portion of the non-luxury market, yet a plunge in the raw materials needed for EV batteries could make them more affordable. And which of this year’s new EVs are the best? This and more, here at Green Car Reports. 

This morning, Green Car Reports named its four finalists for Best Car To Buy 2024. What are these four plug-in models new for this year, and which are the cleanest, greenest, and best for treading lightly?

The U.S. Department of Energy and Treasury Department on Friday released proposed rulemaking about the “foreign entity of concern” requirements within the Inflation Reduction Act of 2022—and it will play a big role in how the electric vehicle market continues to take form. Whether looking at the origin of critical materials or the corporate ownership behind brands, many more EVs won’t be tax-credit-eligible in 2025.

Electric vehicles currently make up a third of the luxury vehicle market, according to a recent summary by the U.S. Energy Information Administration (EIA). Yet EVs make up less than 2% of the non-luxury vehicle market. It’s one of many indicators of a lopsided U.S. EV market with respect to pricing and affordability.

And, according to a recent Bloomberg report, EV-critical lithium prices are falling—as are those for other key battery materials. It’s a refreshing turnaround after a raw-material price surge in 2022 that ultimately played a role in EV affordability and profitability. Now, excess manufacturing capacity as the market grows may be affording automakers some added flexibility and, perhaps, that will lead to more affordable EVs.

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