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IPFS News Link • Business/ Commerce

Tesla And Panasonic Could Get $41 Billion In Tax Credits By 2032

• by Dan Mihalascu

Tesla looks set to benefit the most from the billions of dollars in federal tax credits from the Inflation Reduction Act.

The law passed in August 2022 encourages companies to manufacture both cars and batteries in North America, and Tesla is on track to get the most tax breaks, one estimate found.

With several plants already operating in the United States – Fremont and Austin for vehicles, Nevada for batteries and electric motors – Tesla is set to receive some $41 billion in tax credits over the next decade together with battery partner Panasonic. Tesla also broke ground on a lithium refinery in Corpus Christi, Texas, in early May.