Blackrock's Jay Jacobs forecasts a "rising tide" for EV's following the Inflation Reduction Act, which has been hailed as one of the greatest environmental packages in legislative history. The bill contains a tax credit to be used against the purchase of electric vehicles. To qualify for the $7,500 purchase tax credit, electric sedans must cost less than $55,000, and for SUVs and trucks the price tag must be under $80,000.
JACOBS: This is the birth of a new industry. This is a revolution in transportation. It's not going to be one winner. We think that there's going to be many winners in this space, and it's going to expand beyond just passenger vehicles. We're going to get into trucks, we're going to get into alternative forms of transport. So as we see this theme continue to accelerate with this bill, helping it as well as falling prices, as well as greater consumer adoption, as well as greater infrastructure build out. We believe we're going to see a real rising tide for the entire electric vehicle industry.