Republicans introduce bill that would hand US EV lead to China

Republicans have proposed a bill to scrap the U.S. EV tax credit, potentially slowing American EV development and boosting China's lead in the industry. The Inflation Reduction Act, which the bill targets, plays a significant role in promoting domestic EV manufacturing and offers various tax credits to foster clean vehicle adoption. Critics argue that the bill favors oil interests and could make EVs less affordable in the U.S., thereby harming local manufacturing and benefiting Chinese competitors.