There you have it that's that sound of The closing bell on the New York Stock Exchange I'm sure we'll see pictures any Moment uh there you go usually happy Folks up there promoting that business It was actually a slow start to the Month for all three major indices that Dow Jones tried rebounding to close out The day uh in positive territory but That's not where it ended up you see it There it ending the afternoon Um down some 37 or what 40 almost 46 Points an S P 500 in the tech heavy NASDAQ both ending the day with slight Losses both are off around a quarter of A percent let's bring in Evan Halper now For more on this he's a business Business reporter covering the energy Transition for the Washington Post Evan Welcome Great to have you here tell us what's Driving the market today Well obviously we have this big um this Big Bill that said to pass and the bill Includes all kinds of incentives for Electric vehicles for the solar industry Um you know it's a big climate package But it also includes you know tax Measures and obviously part of that is Um you know more taxes on companies is Is going to make some of them nervous And so I think that's that's driving Some of the um the mixed reaction you're Seeing there you know as we look at what
The potential could be out of some of This pending legislation China controls More than 80 percent of the world's Solar panel production Um what is proposed in this new climate Legislation to make the U.S more Competitive in that space how might Companies be incentivized to support Those efforts Short there's billions of dollars of tax Credits to try to bring the solar supply Chain back to America I mean this is a Supply chain that China has invested Heavily in and a lot of American Companies have gone out of business at The same time demand for solar panels in The United States is just it just keeps Soaring uh you know there's no end to The amount of demand for these panels in This country but most of them are coming From China which can produce them so Much cheaper than we can so part of what This bill aims to do is to make it Possible for American companies to make The products here bring some of the Supply chain back and be able to sell The products at prices comparable to What China can sell them for and Evan How's this climate spending Bill Expected to help more people transition Over to electric vehicles Yeah I'm sorry I missed part of the Question but in terms of what's in there To push people to transition toward
Electric vehicles obviously there's tax Credits there's there's been a big fight Senator manchin had been saying you know Too many Electric Vehicle tax credits Have been going to just people who don't Need them uh you know a lot of the Drivers electric vehicles they're Expensive cars have high incomes They're renewing the ones um similar to Those that have already existed but Doing two things to them um or three Really one is they're they're limiting Uh the income level at which you can uh Be eligible for these tax credits you Know forty five hundred dollars for an Electric vehicle but if you are in a Household that earns more than three Hundred thousand dollars you don't Qualify for that tax credit Um two the companies that make these Electric vehicles again this is the Supply chain issue I mean the the the The materials that they're using to make The batteries for these electric Vehicles a lot of them you know are Coming from China from places from Companies that China controls elsewhere Around the globe and there's a real Needed you know really a national Security need to bring some of these Supply chains back to the US or at least Back to countries we're friendly with And so it makes those tax credits to be Eligible for them again you need to be
Buying a car from a company that's Sourcing a lot of its materials either Domestically or a country we have a free Trade agreement with um and that's gonna Be tough for some of these automakers to Meet you you know it'll be easier for Tesla which has been working Harder for Toyota which you know is Heavily dependent on China for its Supply chains and third for the first Time is going to make this tax credit Eligible to people who buy used EVS That's a really big deal Um that sort of brings broadens the uh The availability to lower and middle Income people which is crucial to The Climate transition the energy transition Is getting more people uh you know not Just the wealthy and EVS but you know The rest of American drivers yeah those EV opportunities considering how Resistant Senator Mansion had been to These types of policies really Significant and attracting a lot of Attention we'll see if Senator Cinema Agrees and votes along with that as well Hopefully we'll see you soon Kevin Helper thank you thank you Evan thanks For having me
