WR1 General Discussion, page-6785

Lithium space in North America is really heating up !
Need to be in North American lithium projects as opposed to Aust based Li projects IMHO

• The US has changed the definition of an ‘SUV’ to make more electric vehicles eligible for tax credits
• Patriot extends the strike length of its CV5 pegmatite discovery by 400m
• Balkan Mining completes initial desktop studies at Corvette North and Corvette Northwest

All your lithium news, Monday February 6.

The US Treasury Department is changing the definition of an ‘SUV’ to make more electric vehicles eligible for tax credits of up to US$7,500 – which means lithium demand could see another rise.

The move follows Tesla CEO Elon Musk criticising the former standards on Twitter as well automakers GM and Fordlobbying to change the guidelines.

The Inflation Reduction Act includes a set of requirements around which EVs do and do not qualify for a $7,500 EV tax credit.

Initially, the federal tax credit had two different price caps – a car, sedan or wagon would qualify if priced at US$55,000 or below, while an SUV had an $80,000 price cap.

The revised standards allow higher priced vehicles to qualify for a maximum tax credit, which means a boost in the retail price cap for GM’s Cadillac Lyric, Tesla’s Model Y, and the Ford Mustang Mach-E from US$55,000 to $80,000.

“This change will allow crossover vehicles that share similar features to be treated consistently,” the Treasury Department saidin a statementon Friday, February 3.

“It will also align vehicle classifications under the clean vehicle credit with the classification displayed on the vehicle label and on the consumer-facing website FuelEconomy.gov.”