Ann: Completion of Placement and Institutional Entitlement Offer, page-56

The market forgets Syrahs great decision to manufacture in the U.S. 2030 demand will be huge with these rules. I’m not sure how quick others can move to supply this legislated demand

BATTERY COMPONENT REQUIREMENT

To meet the battery component requirement and be eligible for a $3,750 credit, the applicable percentage of the value of the battery components must be manufactured or assembled in North America

• For 2023, the applicable percentage is 50 percent.
• For 2024 and 2025, the applicable percentage is 60 percent.
• For 2026, the applicable percentage is 70 percent.
• For 2027, the applicable percentage is 80 percent.
• For 2028, the applicable percentage is 90 percent.
• Beginning in 2029, the applicable percentage is 100 percent.

CRITICAL MINERAL REQUIREMENT

To meet the critical mineral requirement and be eligible for a $3,750 credit, the applicable percentage of the value of the critical minerals contained in the battery must be extracted or processed in the United States or a country with which the United States has a free trade agreement or be recycled in North America—as mandated by the Inflation Reduction Act.

• For 2023, the applicable percentage is 40 percent.
• For 2024, the applicable percentage is 50 percent.
• For 2025, the applicable percentage is 60 percent.
• For 2026, the applicable percentage is 70 percent.
• Beginning in 2027, the applicable percentage is 80 percent.

Beginning in 2024, an eligible clean vehicle may not contain any battery components that are manufactured by a foreign entity of concern and beginning in 2025 an eligible clean vehicle may not contain any critical minerals that were extracted, processed, or recycled by a foreign entity of concern.