Electric trucks, such as Tesla’s vaporware Tesla Semi which has yet to enter production, will receive up to $40,000 in incentives per vehicle thanks to the newly proposed “inflation reduction Act of 2022.”
Electrek reports that thanks to the Inflation Reduction Act of 2022, electric trucks such as the Tesla Semi or Lion Electric’s truck will receive up to $40,000 in incentives. The act was announced in the Senate this week, Breitbart News’ John Carney reported on the bill writing:
The supposedly game-changing legislative breakthrough that brought together Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) after months of negotiations over Build Back Better failed is cynically branded as a measure to counter the budget deficit. This makes sense in a crass political way because inflation is the number one issue facing American families and is plunging the economy into a stagflationary recession.
The first hint that this is not going to be an inflation reducing piece of legislation is that the bill includes a massive expansion of government spending. There is roughly $385 billion in spending on energy and climate change, according to the nonpartisan Committee for a Responsible Budget. There is $100 billion of new spending for health care in the form of expanded Obamacare subsidies and expanded prescription drug and vaccine coverage.
These new spending measures, which come on top of the already bloated government budget, will operate to increase aggregate demand in the economy. They may increase the supply of some goods and services but will not likely increase aggregate supply. Rather, the subsidies for green energy and clean manufacturing tax credits will shift supply sources without leading to a net increase.
Senate Majority Leader Chuck Schumer (D-NY) speaks to reporters during a news conference at the U.S. Capitol on July 28, 2022, in Washington, DC. (Drew Angerer/Getty Images)
The bill includes federal EV tax credit reform and is going to give back access to the incentive for Tesla and GM EV buyers. One section of the bill for “commercial clean vehicles” that is expected to apply to electric trucks offers up to $40,000 in incentives for commercial clean vehicles of more than 14,000 lbs. The section reads:
The amount determined under this subsection with respect to any qualified commercial clean vehicle shall not exceed— ‘‘(A) in the case of a vehicle which has a gross vehicle weight rating of less than 14,000 pounds, $7,500, and (B) in the case of a vehicle not described in subparagraph (A), $40,000.
This is likely aimed at encouraging the sales of electric semi-trucks like the Tesla Semi — which is yet to go into production despite being hyped by Musk since 2017 — Daimler’s Freightliner Cascadia, and fuel cell hydrogen-electric trucks, such as Nikola Motors’ vehicles
Read more at Electrek here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan