This bill accomplishes Manchin's goal of killing the EV tax credit without making any politician stand up and say they removed/killed the EV tax credit.
I would love to have more manufacturing and sourcing for EVs in the US, but it's not going to happen before January 1st. A two-year transition for sourcing combined with removal of the 200K cap would've accelerated EV adoption AND brought more factories/jobs to the US. In the meantime, this is a multi-year hit to new EV manufacturers (who may see demand drop-off due to the loss of tax credit) and doesn't even do that much for GM/Ford unless their battery mineral content is in order. I can't WAIT to see how anyone is going to be able to monitor/enforce this thing.
One other thing that hasn't been considered....NIMBYism and how it will grind things to a halt. There are already stalled mining projects because - strangely - no one wants a lithium mine in their backyard. I sure hope Joe has more than coal in West Virginia, because we're going to need to do a LOT of mining to make up for China's 75-80% dominance in mining and processing.