Bloomberg

Tesla Price War Padded By $1.8 Billion Windfall from Biden’s IRA

Tesla and Panasonic will receive $1.8 billion in production tax credits this year under the Inflation Reduction Act, which rewards scale and gives hefty incentives for making EV batteries in the US. The IRA could one day come on the political chopping block, particularly if Biden does not win reelec

Tesla and its battery partner are set to receive $1.8 billion in production tax credits this year under the Inflation Reduction Act, exceeding General Motors and LG Energy Solution's estimated $480 million haul.
The IRA gives incentives to battery suppliers and car manufacturers that produce in the US and rewards scale.
Tesla could receive $41 billion in credits by the end of 2032.
The tax credits will help Tesla lower prices for consumers, adding to the pricing pressure for incumbent automakers like GM and Ford.
The production credit begins to phase out in 2030, so there’s urgency to get battery plants up and running quickly.

Charting the Global Economy: Central Banks Hold as Prices Cool

Central banks around the world are pausing tightening campaigns as inflation eases and economies slow. Inflation-targeting regimes are keeping their own houses in order, while the US Fed's key inflation gauges fell to the slowest annual paces since late 2021.

Factbox: Turkey earthquake and some of the worst natural disasters of this century

Two massive earthquakes on Monday have devastated cities and towns across Turkey and Syria, with death toll of over 16,000. This is one of the worst natural disasters this century, alongside the 2004 Sumatran Tsunami, 2010 Haiti earthquake and 2008 Cyclone Nargis.

Take Five: Strap in for no landing

A raft of U.S. data and European inflation numbers will give guidance on how the world's top central banks will navigate the way ahead, including the hotly debated "no landing" scenario. Reports on U.S. durable goods orders, home prices, manufacturing and consumer confidence threaten to cement expec

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