EU Chief: Progress made with Biden on electric vehicles

President Joe Biden and European Commission President Ursula von der Leyen met Friday to try to complete a plan that the White House hopes will turn the page on a spat between the U.S. and European Union over electric vehicle tax credits. Biden and von der Leyen opened negotiations between the U.S. and the EU on a deal that could boost the use of European minerals critical in the production of electric vehicle batteries.

Von der Leyen and other European leaders have voiced opposition to incentives in the Inflation Reduction Act. The legislation stipulates that for U.S. consumers to be eligible for a tax credit of up to $7,500 on their EV purchase. Additionally, 50% of components in batteries must be manufactured or assembled in North America by 2024.