Is IRA the Miracle Auto Industry Was Waiting for?
The approval of the Inflation Reduction Act (IRA) has become a transformational milestone for the auto industry. According to John Bozzella, President and CEO of the Alliance for Automotive Innovation, the act will support the internal operations of the auto industry. Besides, it will also allow consumers to afford new technologies at a cheaper rate. In one of their recent videos, Bloomberg Technology’s Kailey Leinz talks to Bozzella about the electric vehicle revolution. Bozzella mentions that the implementation of the IRA is a giant undertaking and might take some time to unfold. The manufacturers, distributors, and consumers are not quite aware of IRA’s functionality. Consumers can visit the IRS website and go through the list of vehicles that offer federal tax credits.