Recent Developments in the US EV Sector

Senator Sherrod Brown has urged for a ban on Chinese-made electric vehicles in the US due to national security fears, amidst investigations into whether these vehicles may be harvesting sensitive data which could impact national security This call to action aligns with strategies to support local manufacturing and employment in the electric vehicle industry Meanwhile, the US Treasury's implementation of the new EV tax credit program, spurred by the Inflation Reduction Act of August 2022, has hit a major milestone with over $580 million in advanced point-of-sale EV tax credit payments to auto dealers, signaling strong consumer demand for electric vehicles. The reforms of this program underscore its alignment with the protectionist approach, requiring North American assembly for eligibility, changing the landscape of available EV models, price, and income restrictions, and extending to leased vehicles In related industry news, Honda has advanced in its commitment to a sustainable future with the creation of the Honda EV Hub in Ohio, marking a strategic investment of $700 million and the creation of 300 jobs The initiative will pave the way for North American production of Honda's electric vehicles and uphold current production lines for ICE and hybrid-electric vehicles as the company aims for 100% zero-emission vehicle sales by 2040..