"2024 Guide to Qualifying EVs and Teslas for the $7,500 Tax Credit"

The IRS has released a significantly reduced list of electric vehicles (EVs) and plug-in hybrids (PHEVs) that qualify for a tax credit in 2024 due to new restrictions targeting battery components sourced from China. Notable exclusions include General Motors' new EVs and the Ford Mustang Mach-E, while Tesla's Model Y and Rivian models remain eligible. The list has shrunk from 43 to 19 models, but more vehicles may be added as automakers submit documentation. The tax credit now applies at the point of sale, and leasing any EV still grants the full credit, offering some relief to consumers and manufacturers.