inflation reduction act

inflation reduction act

Coutrsy of VinFast

With the Inflation Reduction Act well on its way to being written into law, the calculus of which vehicles from which manufacturers will be eligible for the $7,500 rebates is pretty confusing. dot.LA has previously covered how the new law is set to upend the status quo, but the short version is the car and its battery need to be assembled in the United States and the rebates only apply to vehicles below certain price points. Individuals who make more than $150,000/yr or to households making more than $300,000/yr are also no longer eligible for the rebate. This has led to a flurry of customers trying to lock in buyers’ agreements with companies like Rivian and Fisker before the law becomes official.

Vinfast, the Vietnamese automaker that is trying to establish itself on US soil here in Los Angeles, has taken a different approach: Just give people the money.

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CHUTTERSNAP

Like a zombie from the grave, the husk of President Biden’s Build Back Better legislation is on the table again thanks to an abrupt about face from Senator Joe Manchin (D-WV).

The bill, which is now being called the Inflation Reduction Act, has yet to be codified into law and still has to clear several political hurdles, but getting Manchin was by far the biggest.

If the act passes, it would include numerous changes to the electric vehicle buying rebate system, which will impact which EVs and which buyers are eligible for the cashback. There’s a lot to unpack here (the full draft of the bill can be read here[PDF]), but here are the biggest takeaways:

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