Chinese electric vehicle (EV) maker NIO Inc. (NYSE: NIO) saw its shares decline about 5% on August 9. The Senate passing the Inflation Reduction Act might be weighing on the stock. The Inflation Reduction Act aims at extending the $7,500 per vehicle tax subsidy that has existed since 2009. However, the proposed legislation requires at least half of the battery raw materials and components used in EVs to be produced or assembled in the United States to be eligible for the credit. The bill, if signed by President Joe Biden, can put EV makers like NIO in a disadvantageous position compared to their peers within the EV industry.
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NIO (NYSE:NIO)
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