![]() ![]() "In line with the sustainability strategies of all seven automakers, the joint venture intends to power the charging network solely by renewable energy." "Each site will be equipped with multiple high-powered DC chargers, making long-distance journeys easier for customers," the automakers wrote in a joint statement. ![]() The group plans to access federal and state incentives for fast chargers to help cover the cost of building the network. The companies would not identify any suppliers they plan to work with to build out chargers, or break down the amount of funding being provided by each automaker. These chargers, the group says, will be open to all EV drivers. Other individual automakers have also explored building chargers directly, some closed to just their customers (like Rivian's) and others open to all (like one Mercedes-Benz announced this year).īut nothing rivals the scale of the new 7-automaker alliance. And in a cataclysmic shift, rival car companies are embracing Tesla technology in exchange for access to its Supercharger network. But recently, in a deal with the White House, Tesla opened up some chargers to all EV drivers. The reliability of that network played a key role in Tesla's meteoric rise.įor many years Tesla's network was only open to Tesla owners. The electric car pioneer calculated that having a network of fast chargers was essential before Americans would be willing to buy EVs, so Tesla built its own. However, a joint venture like this between seven carmakers of this size is - as the automakers' press release notes - unprecedented in North America.Ĭarmakers getting involved in building fast chargers, on the other hand, has a very clear precedent: Tesla. I think the key here is understanding that there is a material difference in the tax code between a “ joint venture” and a “ qualified joint venture.” Whereas it is normal to think of one’s marriage as a partnership for IRS purposes you may be best served thinking of your union as a qualified joint venture.The newly announced network, which has not yet been named, is a partnership between BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis (formerly known as Fiat Chrysler).Īutomakers frequently pair up in joint ventures to to defray costs of research and development or new vehicles. (C) each spouse shall take into account such spouse’s respective share of such items as if they were attributable to a trade or business conducted by such spouse as a sole proprietor. (B) all items of income, gain, loss, deduction, and credit shall be divided between the spouses in accordance with their respective interests in the venture, and ![]() (A) such joint venture shall not be treated as a partnership, In the case of a qualified joint venture conducted by a husband and wife who file a joint return for the taxable year – (C) both spouses elect the application of this subsection. (A) the only members of such joint venture are a husband and wife (3) by dealers in securities for a short period for the purpose of underwriting, selling, or distributing a particular issue of securities, if the income of the members of the organization may be adequately determined without the computation of partnership taxable income.Ī Qualified joint venture means any joint venture involving the conduct of a trade or business if. (2) for the joint production, extraction, or use of property, but not for the purpose of selling services or property produced or extracted, or (1) for investment purposes only and not for the active conduct of a business, Under IRC 761 the term partnership essentially includes a syndicate, group, pool, joint venture, or other unincorporated organization through or by means of which any business, financial operation, or venture is carried on, and which is not, a corporation or a trust or estate. It goes on to essentially state that an unincorporated organization may exclude itself from this definition if it is used to their advantage – ![]()
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