[Flag of the European Union in the breeze] The European Union is currently debating a draft of the Industrial Accelerator Act, which is pending legislation aimed at boosting production and competitiveness within the EU. Notably, the proposed Industrial Accelerator Act gives preferential treatment to products made in the EU. A draft version of the IAA requires EVs to have 70% of their contents made in the EU and that the vehicles be assembled in the region to qualify for subsidies and tax incentives. The Industrial Accelerator Act is awaiting a European Parliament committee decision. The next immediate milestone is the deadline on September 30 for lawmakers to submit amendments. A committee vote is scheduled for December 1.
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