"Several EV Brands, Including Tesla, Nissan, and GM, Face Loss of US Tax Credits"
The U.S. Treasury announced that many electric vehicles, including the Nissan Leaf, Tesla Cybertruck All-Wheel Drive, some Tesla Model 3s, and Chevrolet Blazer EV, lost eligibility for federal tax credits due to new battery sourcing rules aimed at reducing dependence on China. The number of qualifying EV models dropped from 43 to 19. Automakers are adjusting supply chains to meet the new requirements, with some vehicles expected to regain eligibility in 2024. The changes are part of the 2022 Inflation Reduction Act, which mandates North American assembly for tax credit qualification.