The White House unveils new rules to try and keep China out of the US EV market

China is well and truly winning the EV race - and now the White House has unveiled new rules to try and keep Chinese companies out of the US electric car market. The US government announced plans on Friday to make it more difficult for US-made electric vehicles with Chinese parts to qualify for crucial tax breaks, as it seeks to challenge China's EV dominance. The IRA blocked all foreign-made electric vehicles from receiving tax breaks in an attempt to try and protect the US EV market - and now, the White House has introduced new regulations to prevent US car companies from using materials and parts from China and Russia in their EVs. The new restrictions could be a headache for US auto manufacturers, which have traditionally relied on China for their battery technology. Morgan Stanley estimated that 90% of the global EV battery supply chain runs through China, with the Asian superpower having cornered the market on crucial materials like cobalt, lithium, manganese, and nickel. China's electric car market has boomed and now accounts for 64% of global EV production. The New York Times reported that the electric carmaker said in submissions to the government that restrictions should apply only to major battery parts, not to smaller components and minerals mined in China.