Biden Meets with E.U. Chief on Clean Vehicle Credit; House Bill Would Block CA Gas-Powered Car Ban
President Joe Biden will meet today with European Commission President Ursula Von Der Leyen. Among the topics the two are expected to discuss is the Inflation Reduction Act (IRA), and in particular the climate provisions, including the Clean Vehicle Tax Credit (CVTC). It has been reported that the U.S. and E.U. are looking for ways to ensure European minerals will qualify under the CVTC battery rules, which could include some type of mineral pact, or limited trade agreement. The CVTC has been a major source of contention for many U.S. allies and trading partners since the passage of the IRA last year. The IRA requires that gradually increasing percentages of battery minerals are from the U.S. or a country with whom the U.S. has a free trade agreement.
CA Emissions
Also this week, a group of House Republicans introduced legislation that would restrict California’s ability to ban gas-powered cars. The Preserving Choice in Vehicle Purchases Act, which was sponsored by Reps. John Joyce (R-PA), Bob Latta (R-OH), Jay Obernolte (R-CA) and Gus Bilirakis (R-FL), is in response to an announcement late last summer by the California Air Resources Board that sales of gas-powered vehicles would be banned by 2035. Seventeen other states have laws in place that tie their own emissions standards to California.
Quote of the Week
"We need a market-based approach that will enable continued competition in the marketplace and push electric vehicles to be better and more affordable while enabling people to make their own choices about what type of car to drive.” -Representative Jay Obernolte (R-CA) (Fox News)
Don’t Miss
Don’t miss next week’s AutoTalk webinar, Charlie’s Real-time Quarterly Market Update, on Thursday, March 16 at 2:00PM EDT. Register Now!
Friday Feel Good
Here is just one recent example of how dealers are doing good:
On Saturday March 4, Vic Vaughan Toyota of Boerne (VVTOB) celebrated Boerne Independent School District teachers with $16,000 in gifts at the Boerne Education Foundation's Rock On Gala.
VVTOB honored teacher of the year, Rachel Bunker, 6th grade Math Teacher, with a $10,000 check and the runner-up, Brook Taylor, 6th grade Social Studies teacher, with a $1,500 check. All other honorees received $500 checks for their hard work and dedication to the district.
VVTOB has been a proud supporter of BISD and the Boerne Education Foundation for nine years with over $150,000 in donations to support the incredible teachers and schools shaping the youth of the Boerne community.
We want to hear more about how you are supporting your local community – tweet us at @AIADA_News and use the hashtag #DealersDoGood.
