The critical mineral and battery component requirements that electric vehicles(EVs) must meet to qualify for tax incentives from the U.S. Inflation Reduction Act(IRA) are likely to be implemented from March next year.
 
The U.S. Treasury Department on Monday released a timeline that provides additional information on key tax provisions of the IRA.
 
According to the announcement, the department plans to unveil information on the direction of the mineral and battery component requirements before the end of the year. 
 
The department said that this information will help manufacturers prepare to be able to identify vehicles eligible for the tax credit when the new requirements go into effect.
 
The Treasury said that it will issue a notice of proposed rulemaking in March with proposed guidance on the critical minerals and battery components requirements. It added that by statute, the critical mineral and battery component requirements will take effect only after the Treasury issues that proposed rule.

South Korea has asked the U.S. to ease the definition of "assembled in North America" so that Hyundai Motor, which is building an EV plant in the state of Georgia, may also receive tax incentives.