Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li>EV stocks fell on Wednesday after a report said President-elect Trump plans to cut EV tax credits.</li><li>The $7,500 tax credit was part of Biden's Inflation Reduction Act, put into place in 2022.</li></ul>Electric vehicle stocks dropped on Wednesday after a report said President-elect Donald Trump's transition team is looking at doing away with the EV tax credit. According to a report from <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/trumps-transition-team-aims-kill-biden-ev-tax-credit-2024-11-14/">Reuters</a>, Trump's transition team has drawn up plans to end the $7,500 consumer tax credit for electric vehicle sales as part of broader tax reform legislation.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock dropped 5% to $312.20 a share following the report. Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/rivn-stock">Rivian</a> plunged 12% to $10.57, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/lcid-stock">Lucid</a> dropped 3% to $2.11 a share.Ending the tax credit—a key measure included in Biden's 2022 <a target="_blank" class="" href="https://www.businessinsider.com/house-passes-inflation-reduction-act-sending-it-to-biden-2022-8">Inflation Reduction Act</a>—would likely hurt EV sales, but sources told Reuters that Tesla representatives supported ending the subsidy. Tesla CEO Elon Musk has become a strong ally of Trump in recent months, supporting his campaign with sizable donations and spending time with him at his Mar-a-Lago residence.Musk has said previously that while ending federal tax incentives for EV purchases would hurt Tesla sales, the move would be more damaging to Tesla's US EV competitors, including General Motors and Ford. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gm-stock">General Motors</a> stock jumped about 1% on Wednesday, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/f-stock">Ford</a> shares were about flat.Reuters noted that the tax credit is likely an easy target. Other pieces of the Inflation Reduction Act could be hard to roll back, as the money for many programs has already been distributed. Eliminating the tax credit would likely garner wide support from Republicans and help offset the costs of future tax cuts.

EV makers slide on report Trump wants to scrap EV tax credit

<keyword id="4943720" type="General" weightage="20" keywordseo="GST-collection" source="Orion">GST collection</keyword> in May rose 12% to Rs 1.57 lakh crore, the finance ministry said on Thursday. The gross <keyword id="2484610" type="General" weightage="20" keywordseo="good-services-tax" source="Orion">Good &amp; Services Tax</keyword> (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods). "The revenues for the month of May 2023 are 12 per cent higher than the GST revenues in the same month last year," the ministry said in a statement. During the month, revenue from import of goods was 12 per cent higher and the revenues from domestic transactions (including import of services) are 11 per cent higher than the revenues from these sources during the same month last year. <keyword id="6359833" type="General" weightage="80" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST) collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-hikes-prices-of-ev-scooter-by-17000-22000/articleshow/100677697.cms">TVS Motor hikes prices of EV scooter by ₹17,000 - ₹22,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-to-shut-3rd-party-notes-lists-integration-on-assistant-app/articleshow/100678872.cms">Google to shut 3rd-party Notes, Lists integration on Assistant app</a>

GST collection rises 12% to ₹1.57 lakh crore in May

New Delhi, The <keyword id="6404450" type="General" weightage="20" keywordseo="ministry-of-road-transport-and-highways" source="Orion">Ministry of Road Transport and Highways</keyword> (MoRTH) is confident of achieving the highways construction target of 13,814 kilometres for the current fiscal, its secretary <keyword id="20078656" type="General" weightage="20" keywordseo="anurag-jain" source="keywords">Anurag Jain</keyword> said on Friday. Addressing a press conference, <keyword id="19950697" type="General" weightage="20" keywordseo="jain" source="keywords">Jain</keyword> further said the total length of national highways in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> increased 60 per cent to 1,46,145 km till December 2023, from 91,287 km in 2014, since the <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> government came into power. "The pace of highway construction in 2023-24 so far has been better than last year, and we are confident of achieving the 13,814-km highway construction target during the current fiscal," he said. Up to December 31, 2023, the ministry has built 6,217 km of national highway, higher than last year's 5,774 km for the same period. According to him, the government is planning to award 10,000 km of national highway projects in 2023-24. Jain also said that the government has asked companies to prepare detailed project reports (DPR) for unawarded identified projects to increase the pace of awarding in 2023-24. He said the total length of four-lanes and above national highways (NHs) increased by 2.5 times to 46,179 km in December 2023 from 18,387 km in 2014. While the total length of high-speed corridors in 2014 was 353 km, which increased to 3,913 km in 2023, the total length of less than 2-lane national highways decreased from 30 per cent (2014) to 10 per cent of national highway network in 2023. Jain also said the road ministry has constructed 6,217 km of national highways up to December in 2023-24. He noted that expenditure on the ministry's highways construction expenditure is expected to increase by 9.4 times to Rs 3.17 lakh crore in 2023 from 2014. Jain said under the <keyword id="20078657" type="General" weightage="20" keywordseo="vehicle-scrapping-policy" source="keywords">Vehicle Scrapping Policy</keyword>, 44 registered vehicle scrapping facilities (RVSFs) are operational in India, while concession and motor vehicle tax was announced by 19 states/ Union Territories. As many as 49,770 vehicles were scrapped till date under the Vehicle Scrapping Policy, he added. Jain said state-owned NHAI has collected Rs 18,450 crore as toll till December in the current financial year.

Confident of achieving 13,814-km highway construction target this fiscal: Road secy

<ul class="summary-list"><li>Vehicles are built to be safer than ever before, but pedestrian and cyclist deaths are rising.</li><li>A rise in the popularity of larger vehicles, like vans and trucks, may be a factor in this increase.</li></ul>Alyssa Milligan was someone who intuitively knew when another person needed help, encouragement, or a kind word. Although she was new to Tennessee, the 23-year-old physical therapy student, whose mother called her "Sweet Alyssa," had already made many close connections, especially within the tight-knit cycling community around Nashville — before she was killed this month, struck by a pickup truck while cycling with a friend.<div type="image" title="A photo of Alyssa Mulligan at a cycling event wearing a helmet and sunglasses" height="720" width="960" msid="103968161" hostid="261"></div>Roadway deaths in the U.S. are mounting despite <a href="https://www.nhtsa.gov/ratings" target="_blank" rel="noopener">government test data</a> showing vehicles have been getting safer. While the number of all car-related fatalities has <a href="https://crashstats.nhtsa.dot.gov/Api/Public/ViewPublication/813266" target="_blank" rel="noopener">trended upward over the last decade</a>, pedestrians and cyclists have seen the sharpest rise: over 60% between 2011 and 2022.It coincides with a steep increase in sales of <a href="https://www.businessinsider.com/car-buying-tips-electric-vehicles-pricing-americans-pickups-trucks-suvs-2023-2" target="_blank" rel="noopener">SUVs, pickup trucks, and vans</a>, which accounted for 78% of new U.S. vehicle sales in 2022, according to Motorintelligence.com.Current U.S. ratings only consider the safety of the people inside the vehicle. The National Association of City Transportation Officials is leading an effort asking U.S. transportation officials to begin factoring the safety of those outside of vehicles into their 5-star safety ratings."We don't know exactly what's going on with the increase in pedestrian fatalities. It certainly seems like the increase in <a href="https://www.businessinsider.com/trucks-are-getting-taller-heavier-and-more-dangerous-for-pedestrians-2023-3" target="_blank" rel="noopener">bigger vehicles</a> is contributing to it," said Jessica Cicchino, vice president of research at the nonprofit Insurance Institute for Highway Safety."Many studies have shown that larger vehicles like SUVs and pickups are more likely to kill or seriously injure <a href="https://www.iihs.org/news/detail/new-study-suggests-todays-suvs-are-more-lethal-to-pedestrians-than-cars" target="_blank" rel="noopener">pedestrians</a> and <a href="https://www.iihs.org/news/detail/higher-point-of-impact-makes-suv-crashes-more-dangerous-for-cyclists" target="_blank" rel="noopener">cyclists</a> when they're involved in a crash," she said, noting that large vehicles are more likely to strike people in the head and vital organs, rather than the legs.The design of these vehicles can also pose visibility problems. An Insurance Institute for Highway Safety study of <a href="https://apnews.com/article/business-lifestyle-a999444be4c3e913ce754367085a9ab2" target="_blank" rel="noopener">crashes with pedestrians at intersections</a> found that the vehicles most likely to be involved in left-turn crashes were SUVs and pickups, suggesting "they might be having a harder time seeing some of those pedestrians," Cicchino said.Subaru, which has performed well in IIHS <a href="https://www.insider.com/study-us-pedestrian-deaths-hit-highest-number-since-1990-2019-2" target="_blank" rel="noopener">pedestrian crash</a> avoidance tests, considers visibility its first line of safety, according to spokesperson Todd Hill. But that has become more challenging as safety standards for rollovers have required vehicles to improve the strength of the pillars that support the roof."The smaller the glass you make, the more design flexibility you have ... but it really comes at the sacrifice of outward visibility," he said.While there has been less research on blind spots directly in front of passenger vehicles, Consumer Reports found in 2021 that high hoods <a href="https://www.consumerreports.org/car-safety/the-hidden-dangers-of-big-trucks/" target="_blank" rel="noopener">obstructed driver views of pedestrians</a>. Meanwhile, a <a href="https://www.volpe.dot.gov/featured-report/annual-accomplishments-january-2023" target="_blank" rel="noopener">January 2023 report from</a> the U.S. Department of Transportation's Volpe Center determined "the increasingly large blind zones in SUVs and pickups have been associated with fatal 'frontover' crashes," where people are run over by slow-moving vehicles.The Volpe Center, which works to address the nation's most pressing transportation challenges, recently collaborated to produce a <a href="https://blindzonecalculator.herokuapp.com/" target="_blank" rel="noopener">web application called VIEW</a>, which uses crowd-sourcing to create a database of vehicle blind zones. For example, the app shows that as many as eight elementary school children could stand shoulder-to-shoulder in front of a 2016 Chevrolet Silverado without being visible to the driver.The U.S. first began crash-testing cars in the 1970s, and it implemented the 5-star rating system in 1993. In 2006, the National Highway Traffic Safety Administration began requiring window labels on new vehicles to include those ratings.Thanks to vehicle improvements, seatbelt laws, and other changes, fatal crashes in the U.S. trended downward for decades, hitting a low of 29,867 in 2011. But that trend has reversed. Government estimates of fatal crashes in 2022 show a 43% increase to 42,795 — partially thanks to increases in speeding and drunk driving and decreases in seatbelt use. Fatal crashes also increased as a percent of total miles driven. Pedestrian and cyclist deaths increased by 64% since 2011, to an estimated 8,413 in 2022.NHTSA has proposed <a href="https://www.nhtsa.gov/press-releases/five-star-safety-ratings-program-updates-proposed" target="_blank" rel="noopener">new pedestrian crash avoidance tests</a>, but they would be voluntary and not part of the agency's 5-star rating system, said Billy Richling, a spokesperson at the National Association of City Transportation Officials, which is pushing to make pedestrian safety testing mandatory."A vehicle could fail the <a href="https://www.insider.com/pedestrian-fatalities-on-us-roads-hit-almost-30-year-high-2019-10" target="_blank" rel="noopener">pedestrian crash</a>-worthiness test and still receive five stars," he said.A voluntary evaluation isn't enough for Jessica Hart, whose 5-year-old daughter Allie was struck and killed in their Washington, D.C., neighborhood in 2021. Her petition on Change.org, which demands the NHTSA include a vehicle's risk of killing a pedestrian in its 5-star rating system, has collected more than 28,000 signatures.<div type="image" title="Jessica Hart sitting in Allie's bedroom holding up a photo of Allie." height="5438" width="7251" msid="103968237" hostid="261"></div>"She had just started kindergarten," Hart said of her daughter. "She was riding her bike in the crosswalk, a block from our house in the school zone. She was with her dad. And a Ford Transit van came up to the 4-way intersection, and didn't see her, and just proceeded through the stop sign, and hit and killed her."<div type="image" title="A photo of a stop sign and 5-year-old Allie Hart's tricycle and stuffed animals." height="5302" width="7070" msid="103968238" hostid="261"></div>John Capp, the director of vehicle safety technology, strategy and regulation at General Motors, stressed that there is not enough data about pedestrian traffic deaths to understand the causes. He also acknowledged there are tradeoffs in design and said safety emphasis in the past has been on the people inside of vehicles."Ultimately, there's less we can do when someone is hit outside a vehicle," he said. "That's why we're focused on pedestrian crash avoidance."Nearly all new GM vehicles come equipped with automatic emergency braking, and cameras are getting better at seeing pedestrians at night when the majority of those fatal crashes occur.That is in line with an NHTSA proposal that would require new cars and light trucks to have <a href="https://apnews.com/article/automatic-emergency-braking-requirement-lifesaving-ed2df3c5bdff17361ad7d93d942ff03b" target="_blank" rel="noopener">automatic emergency braking able to detect pedestrians</a>, including at night, within three years.Advances in that technology promise to help compensate for blind spots, but safety experts say it is only part of a solution that requires infrastructure changes, speed limit enforcement and even changes to vehicle design."You want to be getting it from all angles," Cicchino said. "You want to prevent the crashes from occurring, but when the crashes occur, you want them to be less dangerous."<div type="image" title="A sign on a post near Allie Hart's memorial that supports Families for Safe Streets." height="5760" width="7680" msid="103968239" hostid="261"></div>Hart is now an advocate with the Washington chapter of <a href="https://www.familiesforsafestreets.org/" target="_blank" rel="noopener">Families for Safe Streets</a>, a nonprofit working to end fatal crashes.<div type="image" title="Jessica Hart holds up a photo of her daughter Allie." height="5760" width="7680" msid="103968240" hostid="261"></div>"I've been speaking out and advocating for safe streets, safer vehicles, alternatives to driving," Hart said, "simply because I just can't fathom that my daughter was killed — it's violent and it's traumatic — and that nothing would change."

Vehicle-related deaths are rising even though cars are built safer than ever. The popularity of larger vehicles may be to blame.

As per industry executives, a new rule is going to make tax collection at source (TCS) compulsory, even when a vehicle costing 10 lakh or more is sold in the second-hand market. This has confused the automotive industry to no end. 
 
The reason behind this confusion is that the rule was originally expected to cover only new passenger vehicles; however, the rule that has been approved as part of the Finance Bill covers all types of vehicles. It will come into effect on June 1. 
 
It was in his budget speech that the finance minister had proposed to collect a 1% tax at source on luxury cars that were priced above 10 lakh, saying that it would be levied on the ex-showroom price from the dealer’s end, which would then be paid it to the government. This payment was also said to be able to set off against the total tax liability of the buyer. 
 
"From the budget speech, it was perceived that it would be implemented only on passenger vehicles priced above 10 lakh, but what has come prima facie in the language of the approved budget (Finance Bill 2016), it seems that TCS is applicable on all types of motor vehicles including trucks, buses, two-wheelers and cars sold by manufacturers, exports, dealers and government," said Sugato Sen, deputy director-general of the Society of Indian Automobile Manufacturers. 
 
The Finance Bill reads, "Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding 10 lakh, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 1% of the sale consideration as income-tax." 
 
Until further clarified, this means that even an individual selling his old vehicle for above 10 lakh will have to collect 1% of the value from the buyer and pay it to the government, while purchasing parts for 2 lakh or more will also attract this tax provision. 
 
Sen feels that there is a possibility of a language error in the Bill. "We have sought a clarification from the government and hope to meet them (government officials) soon," he said. 
 
However, this is not where the confusion ends. 
 
"From the budget, it was thought that it (TCS) will be collected from the end customers only. But now, it will be collected from the dealers also," said Nikunj Sanghi, former president of the Federation of Automobile Dealers Association. He added, "The biggest problem for us is that we will have extra burden on working capital." 
 
Automobile manufacturers are of the view that this new tax rule would further complicate business transactions, while there were promises from the Modi government that doing business would be made easy. 
 
Under this rule, manufacturers would deposit TCS on behalf of dealers, who could adjust this payment against their income tax. Similarly, dealers would have to collect tax from buyers and deposit that in their names. This tax would be adjusted while the vehicle buyers pay their income tax. 
 
Rakesh Batra, national leader-automotive at consultancy firm EY, called this an administrative burden on both manufacturers and buyers, while also forcing customers to put a little more cash in advance, given that no financing company won’t fund this. 
 
As of now, when you buy a vehicle, you have to pay for excise duty, central sales tax, R&amp;D cess, education cess, value-added tax, Octroi/entry tax, national calamity contingent duty, road tax and Swach Bharat cess. Besides, the insurance cover also forces the buyer to pay Krishi Kalyan tax, service tax and Swachh Bharat cess. 
 
Another burden on manufacturers, dealers and buyers is certainly uncalled for, feels the automotive industry. 
 
<a href="http://economictimes.indiatimes.com/photo/52422896.cms">Image source</a>

The new tax collection-at-source rule is so absurd that it might actually be a language mistake

<ul class="summary-list"><li><keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> said <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> is working through "a lot of challenges" with the Indian government.</li><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> is the world's fifth-largest auto market and represents a huge opportunity for Tesla. </li></ul>Elon Musk said Tesla is "still working through a lot of challenges" with the Indian government before launching an operation there.The Tesla CEO was responding to a tweet asking when the company would launch in the country.Tesla is lobbying the Indian government to slash import taxes on EVs before it agrees to start selling in the market.India's <a href="https://economictimes.indiatimes.com/industry/renewables/tesla-lobbies-modis-office-in-india-to-slash-taxes-before-it-enters-market-sources/articleshow/87167444.cms?from=mdr">import taxes</a> on <keyword id="11897958" type="UNKNOWN" weightage="60" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> are 60% on EVs that cost $40,000 or less and 100% on those above $40,000.In a <a href="https://twitter.com/elonmusk/status/1418656085267865602?s=20">tweet</a> last July, Musk said that India's import duties are "the highest in the world by far of any large country!"The Indian government has rejected Musk's claims on Twitter, <a href="https://www.businesstoday.in/latest/corporate/story/breaking-elon-musk-trying-to-put-pressure-reduce-import-duty-on-tesla-say-govt-sources-318925-2022-01-13">BusinessToday</a> reported. Sources told the Indian news outlet that Musk is trying to pressure the government via social media and that the electric vehicle maker wants lower import taxes without committing to production in the country.The Indian EV market is still in its infancy, but the government is aiming for at least <a href="https://www.reuters.com/article/india-autos-electric-idCNL4N2RA1YO">65% of all new vehicle sales</a> to be electric by 2030.As the world's second-most populous nation, India's auto market — now the world's fifth-largest — is expected to grow on the back of a burgeoning tech-savvy middle class, presenting potentially colossal growth opportunities for carmakers.Last January, Tesla registered Tesla Motors India and Energy Private Limited in Bengaluru. It had planned to start by importing and selling the Model 3 sedan, <a href="https://www.reuters.com/article/india-tesla-minister-exclusive/exclusive-india-woos-tesla-with-offer-of-cheaper-production-costs-than-china-idUSKCN2AU1AS">Reuters</a> reported, citing sources familiar with the matter.But the government wants Tesla to produce its cars in India instead — and the country's transport minister told Reuters it was prepared to offer Tesla incentives to do so.Musk later said on <a href="https://www.businessinsider.com/elon-musk-tesla-build-india-factory-import-taxes-electric-vehicles-2021-7">Twitter</a> that Tesla was "quite likely" to build an EV factory in India — but only if it could import completed vehicles at lower tax rates.The Indian government has already approved seven Tesla EV variants, <a href="https://www.businessinsider.in/business/auto/news/elon-musks-tesla-receives-approval-for-seven-ev-variants-in-india/articleshow/88276287.cms">Business Insider India</a> reported last month.It's not just Tesla — Musk's SpaceX has also been facing problems in India. <a href="https://www.businessinsider.com/spacex-starlink-india-no-licence-operate-government-2021-11">In November,</a> Indian lawmakers said the company's Starlink internet service did not have a license to operate in the country. The company was then ordered to refund customer deposits for pre-orders, the <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/musks-spacex-starts-refunding-99-deposits-to-indians-who-pre-booked-starlink/articleshow/88688203.cms">Economic Times</a> reported.

Elon Musk says Tesla is still working through 'a lot of challenges' with the Indian government as it looks to launch in the country

<ul class="summary-list"><li>The rules around the <a target="_blank" href="https://www.businessinsider.com/tesla-tax-credit">EV tax credits</a> changed for 2024. </li><li>The $7,500 (or $3,750) rebate can now be taken at the time you buy a car. </li></ul>The rules for lucrative tax credits that can effectively lower the price of an electric vehicle by up to $7,500 became more strict on January 1, <a target="_blank" href="https://www.businessinsider.com/electric-cars-no-longer-qualify-ev-tax-credit-january?mrfhud=true#tesla-model-3-1">meaning fewer vehicles are likely to be eligible.</a>Popular vehicles like the <a target="_blank" href="https://www.businessinsider.com/bought-tesla-model-3-drive-long-distances-one-downside-2023-11">cheapest Tesla model</a> and <a target="_blank" href="https://www.businessinsider.com/driving-fords-mustang-mach-e-electric-suv-in-deep-snow-2022-3">Ford's Mustang Mach-E</a>, for example, will no longer qualify, their respective automakers have said. But on the plus side, consumers can now benefit from the tax credits at the time of purchase — through a transfer to a dealer — instead of receiving it months later on tax returns.The updates, <a target="_blank" href="https://home.treasury.gov/news/press-releases/jy1939">published in December by the Treasury Department, </a>make it harder to get the full tax credit if cars contain materials from China and other countries which it has labeled a "foreign entity of concern."The agency has not published any lists of cars that will qualify, but a few automakers have issued statements about their products' eligibility in anticipation of the new rules. Other <a target="_blank" href="https://fueleconomy.gov/feg/tax2023.shtml#requirements">rules</a> like income requirements, vehicle weight, and price limits of $80,000 for a van, truck, or SUV (and $55,000 for any other vehicle) still apply. Spurred by the law, carmakers such as General Motors and Hyundai are racing to build US factories to produce batteries and process materials like lithium. But they are still years from being able to produce an electric vehicle without materials and components from China.Sam Abuelsamid, a mobility analyst for Guidehouse Insights, expects many EVs now eligible for the full $7,500 tax credit will only qualify for half that amount in credits when the new regulations take effect.Many automakers should be able to comply with a new requirement that 60% of battery parts come from North America next year — enabling them to qualify for a $3,750 tax credit, he said. But it will be much harder for them to qualify for another $3,750 credit by sourcing batteries with at least half their critical minerals from the US or countries with which it has a free trade agreement.<a target="_blank" href="https://www.businessinsider.com/automakers-electric-vehicles-tax-credits-commercial-vehicle-7500-2023-1">Customers can also lease an EV</a> and get the full tax credit since they are classified under the law as commercial vehicles exempt from the North American manufacturing and battery-content requirements.The law is designed to increase the adoption of electric vehicles <a target="_blank" href="https://www.businessinsider.com/inside-the-ev-reckoning-electric-car-demand-sales-2023-11">beyond their current 7.5% of total sales</a> in 2023 (through November.) Experts say lower prices will have the biggest effect on winning over consumers <a target="_blank" href="https://www.businessinsider.com/electrc-vehicle-demand-problem-affordability-expense-price-cost-2023-10#:~:text=a%20demand%20problem.-,They%20have%20an%20affordability%20problem.,costs%20over%20%2450%2C000%20on%20average.">since the average EV price is still above $65,000,</a> and <a target="_blank" href="https://www.businessinsider.com/used-ev-electric-car-buying-battery-range-tax-credit-2023-2">used models are unproven and hard to come by. </a>Are you planning to buy an electric car this year? We're interested to hear about your purchase and what factors you considered. Get in touch at grapier@businessinsider.com.

Biden's EV tax credit just got a major change to help you buy a car — but way fewer options are available 

<a href="https://www.businessinsider.com/one-planet"></a><div type="image" title="One Planet Banner Test" height="138" width="1100" msid="100169644" hostid="261"></div>Teague Egan's tour of Bolivia's famed salt flat in 2018 changed the trajectory of his career. The flat is called Salar de Uyuni. The seemingly endless expanse of chalky white crust is home to the world's largest reserves of lithium, a key ingredient in batteries. The flat is largely untapped. Egan saw an opportunity. Lithium is a pivotal material in batteries because it helps store energy and can be recharged. Demand for the metal <a href="https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions/executive-summary" target="_blank" rel="noopener">could grow more than 40 times</a> by 2040 as countries try to meet climate goals by moving away from fossil-fuel-powered cars and electric grids. Most lithium is extracted in two ways — and they haven't changed much in decades and can harm the environment. One is open-pit mining; the other is pumping salty water, known as brine, into large evaporation ponds where the sun helps concentrate lithium over time. These approaches require a lot of land, water, and chemicals, and leave waste behind."Lithium has never been needed like this before, so there hasn't been a lot of research and development," Egan, an early investor in Tesla, told Insider. "I saw an opportunity to reinvent how it's produced. That's what got me excited." Over the past five years, Egan, the founder and CEO of EnergyX, pulled together a team of 55 people — 30 of them scientists and engineers — to develop technologies to produce lithium from brine underneath the Earth's surface. The Austin-based EnergyX is among a roster of startups and mining giants testing what's called direct lithium extraction, which can pull out far more lithium in less time and might let miners skip evaporation ponds altogether. Demand for lithium and other minerals will soar in the coming decades, so the pursuit reflects mounting pressure on the mining industry to clean up its environmental record. Even though research <a href="https://theicct.org/sites/default/files/publications/Global-LCA-passenger-cars-jul2021_0.pdf" target="_blank" rel="noopener">shows that switching</a> from gas-powered cars to EVs significantly reduces greenhouse-gas emissions — even when accounting for mining raw materials — communities where mines are located have often been left to grapple with ruinous consequences.<h2>Hundreds of new mines for the energy transition</h2>The market analyst <a href="https://source.benchmarkminerals.com/article/more-than-300-new-mines-required-to-meet-battery-demand-by-2035" target="_blank" rel="noopener">Benchmark Mineral Intelligence</a> found that 384 new lithium, cobalt, nickel, and graphite mines could be needed globally by 2035. That raises alarm among conservation groups and Indigenous tribes who <a href="https://affiliate.insider.com?h=35d369125bf2f481f2d2fc7d327c0e1b8ac776c50adbe14c6463870bcba731af&amp;postID=645a9e39186a0b3eb13521dd&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41893-022-00994-6%3Futm_campaign%3DCarbon%2520Brief%2520Daily%2520Briefing%26utm_content%3D20221202%26utm_medium%3Demail%26utm_source%3DRevue%2520Daily" target="_blank" rel="noopener">often live on or near land</a> where metals essential to the energy transition are located. At least in the near term, most lithium supplies will continue to come from open-pit mining and brine from evaporation ponds because the new technologies being tested by EnergyX and other companies haven't reached commercial scale. EnergyX doesn't expect to be fully commercialized until 2025. But the field is moving fast. The US isn't a major lithium miner, but 15 projects across the country are at various stages of development and nearly half involve direct lithium extraction, <a href="https://www.charged-the-book.com/na-ev-supply-chain-map" target="_blank" rel="noopener">according to Insider's review of a list compiled</a> by Jay Turner, an environmental studies professor at Wellesley College. Turner and his students started tracking the investments in the EV supply chain in North America after President Joe Biden signed the Inflation Reduction Act last year. To qualify for <a href="https://www.businessinsider.com/electric-vehicle-ev-tax-credit-rules-fewer-models-eligible-tesla-2023-3">tax credits</a>, the IRA requires an escalating percentage of lithium and other critical minerals in a battery to come from the US or a country with close trading ties to the US. That percentage will rise each year until it reaches 80%.<h2>Minimal fresh water and chemicals</h2>Egan said EnergyX's pilot in Bolivia last year <a href="https://energyx.com/press-release/statement-on-bolivias-ylb-tender-process/" target="_blank" rel="noopener">demonstrated a 94% lithium-extraction rate</a> from brine in evaporation ponds in a few days, much higher than the current industry standard of 30% over 18 to 24 months. EnergyX's technologies involve sending brine through resin beads that absorb the lithium. The process also adds solvents to concentrate and extract the mineral and uses membranes to filter out impurities. Egan said that minimal fresh water and chemicals are used, and brine can be reinjected back underground to minimize disturbances to the water table.EnergyX <a href="https://energyx.com/press-release/statement-on-bolivias-ylb-tender-process/" target="_blank" rel="noopener">lost a bid to help develop Bolivia's lithium resources</a>; the government in January <a href="https://source.benchmarkminerals.com/article/bolivia-chooses-chinese-consortium-led-by-catl-for-1-billion-lithium-investment" target="_blank" rel="noopener">chose Chinese firms instead</a>, which also plan to use direct lithium extraction rather than evaporation ponds. EnergyX is building five other test beds, including in Chile and Argentina, which, along with Bolivia, comprise what's called "the Lithium Triangle." In April, Chile, the second-largest producer of the metal behind Australia, announced plans to nationalize its industry and <a href="https://www.reuters.com/markets/commodities/chiles-lithium-nationalization-shines-light-emerging-tech-2023-04-24/" target="_blank" rel="noopener">favor direct lithium extraction</a>. The three other EnergyX sites are in the US, including California's Salton Sea. That region is a major test bed for direct lithium extraction, in part because hot brine is already being pumped to power geothermal power plants. Three companies — Berkshire Hathaway Energy, Controlled Thermal Resources, and EnergySource Minerals — are leading the development. Controlled Thermal Resources told Insider it expects to deliver 25,000 tonnes of battery-grade lithium hydroxide in 2025, and EnergySource Minerals <a href="https://www.esminerals.com/timeline" target="_blank" rel="noopener">predicts a similar timeline for its first deliveries</a>.The <a href="https://www.energy.ca.gov/sites/default/files/2021-05/CEC-500-2020-020.pdf" target="_blank" rel="noopener">California Energy Commission</a> estimates the Salton Sea region is capable of pumping out 600,000 tons of lithium annually, more than what the world produces today. All the momentum is aided by automakers eager to secure lithium supplies with lower environmental impacts. General Motors' venture-capital arm <a href="https://www.prnewswire.com/news-releases/gm-leads-50-million-funding-round-in-energyx-to-unlock-us-based-lithium-supply-for-rapidly-scaling-ev-production-301794611.html" target="_blank" rel="noopener">led a $50 million fundraising round</a> for EnergyX, and it <a href="https://investor.gm.com/news-releases/news-release-details/gm-source-us-based-lithium-next-generation-ev-batteries-through" target="_blank" rel="noopener">has a partnership with Controlled Thermal Resources</a>.<h2>'The world needs these critical minerals'</h2>But until direct lithium extraction can be done at scale, automakers still need to source lithium from open-pit-mining sites or the brine from evaporation ponds to keep pace with the growing demand for electric vehicles. In January, General Motors made a <a href="https://news.gm.com/newsroom.detail.html/Pages/news/us/en/2023/jan/0131-lithium.html" target="_blank" rel="noopener">$650 million investment in Lithium Americas</a>, which is developing an open-pit lithium mine in Nevada called Thacker Pass. Earlier this year, <a href="https://apnews.com/article/lithium-mine-electric-vehicle-batteries-biden-environment-c234fad151f3cd5543f163bdb7ab72aa" target="_blank" rel="noopener">a federal appeals court refused to temporarily halt the project</a> while considering a lawsuit filed by environmental groups and several tribes who argued that Thacker Pass is on sacred land.Tim Crowley, a spokesman for Lithium Americas, said in a statement to Insider that the company is building Thacker Pass based on a decade of analyses and engagement. The project will recycle more than 80% of the water used and mostly be powered by a carbon-free, heat-capture system.He added that while direct lithium extraction is promising, it is still mostly speculative and would likely only meet a portion of the supply gap for lithium for at least several decades.Albemarle, which counts Tesla and other automakers as customers, operates the only active lithium mine in the US in Silver Peak, Nevada, by tapping brines from evaporation ponds. The company <a href="https://www.albemarle.com/news/albemarle-announces-expansion-of-nevada-site-to-increase-domestic-production-of-lithium" target="_blank" rel="noopener">aims to double Silver Peak's production</a> by 2025 as well as reopen an open-pit-mining site in North Carolina known as Kings Mountain. The moves are part of the company's larger global expansion plans for lithium across the US, Chile, and Australia to further cement itself in the electric-vehicle supply chain. Ellen Lenny-Pessagno, Albemarle's global vice president of external affairs and sustainability, told Insider that the company is trying to expand in an environmentally and socially responsible way. Albemarle plans to eventually have all its mines audited by the Initiative for Responsible Mining Assurance, a voluntary third-party standard that is more rigorous than US mining laws. One operation <a href="https://responsiblemining.net/what-we-do/certification/mines-under-assessment/" target="_blank" rel="noopener">in Chile's Salar de Atacama is already undergoing review</a>. The company <a href="https://www.albemarle.com/skins/base/flipbooks/sustainability-report-2021/2021SustainabilityReport_2022-06-02_19-43-55.pdf" target="_blank" rel="noopener">is investing</a> in renewable energy, technology that reduces freshwater use, and engaging with local communities about the environmental impacts, Lenny-Pessagno said."There are impacts," she told Insider. "There are impacts if you build a city park. But there's also a lot of positive things we're bringing along the way. The world needs these critical minerals."Albemarle is exploring direct lithium extraction and has its own technology for this. The company evaluated the most promising tech for direct lithium extraction for its operations in Salar de Atacama, Lenny-Pessagno said, but there were several reasons for not moving forward yet.The technology is energy-intensive and the company didn't have access to 100% renewable power in the region until several months ago. The process also required a lot of fresh water, so the company is working toward using desalinated water instead."We need to be perfectly assured that it won't create any unforeseen environmental issues," Lenny-Pessagno said. "We're fully committed to moving forward on direct lithium extraction. But it's going to be a process that takes time."This article is part of "<a href="https://www.businessinsider.com/category/the-great-transition" rel="">The Great Transition</a>," a series covering the big changes across industries that are leading to a more sustainable future. For more climate-action news, visit Insider's <a href="https://www.businessinsider.com/one-planet" target="_blank" rel="noopener">One Planet</a> hub.

You Searched For "tax collection at source motor vehicles" and got 8 results

EV makers slide on report Trump wants to scrap EV tax credit

Matthew Fox

GST collection rises 12% to ₹1.57 lakh crore in May

PTI

Confident of achieving 13,814-km highway construction target this fiscal: Road secy

PTI

Vehicle-related deaths are rising even though cars are built safer than ever. The popularity of larger vehicles may be to blame.

Associated Press

The new tax collection-at-source rule is so absurd that it might actually be a language mistake

BI India Bureau

Elon Musk says Tesla is still working through 'a lot of challenges' with the Indian government as it looks to launch in the country

Huileng Tan

Biden's EV tax credit just got a major change to help you buy a car — but way fewer options are available

Graham Rapier,Associated Press

Startups are zeroing in on cleaner ways to mine the lithium needed for electric vehicles

Catherine Boudreau

Popular Keywords

Buying Guides