EV Tax Credit Eligibility Changes Shake Up Auto Industry.
TL;DR Summary
BMW, Nissan, Rivian, Hyundai, Volvo, and Volkswagen are no longer eligible for the $7,500 EV tax credit in the US due to new rules for battery sourcing. The Tesla Model 3 credit will be reduced to $3,750, while all General Motors EVs will still qualify for the full credit. The rules aim to reduce reliance on China for EV battery supplies and boost the US's own capacity to control the supply chain. Automakers are building battery plants in the US, and there is a loophole for ineligible EVs to potentially qualify for a commercial leasing credit.
- BMW, Rivian, Hyundai, Volvo lose access to EV tax credit TechCrunch
- Here are the EV models eligible for new tax credits up to $7,500 CNN
- U.S. Treasury announces revised qualifications for EV tax credits CNBC Television
- Paul W. Smith: EVs prompting seismic auto shift Detroit News
- Starting tomorrow, only six EVs will still qualify for a $7,500 federal tax credit Engadget
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