"Understanding the 2024 EV Tax Credit: Qualifications and Eligible Vehicles"
The list of electric vehicles (EVs) eligible for the $7,500 federal tax credit has been significantly reduced due to new restrictions on materials sourced from China and other countries deemed a "foreign entity of concern." Automakers are now incentivized to shift battery production to the U.S. to maintain eligibility for the credit. Currently, only 13 EV models, including the Chevrolet Bolt EV and EUV, still qualify for the full or partial credit. Consumers can verify a vehicle's eligibility using its VIN on fueleconomy.gov.