"2024 Update: The 5 EVs That Still Qualify for the Full $7,500 Federal Tax Credit"
Starting in 2024, new U.S. Treasury Department rules have significantly reduced the number of electric vehicles (EVs) eligible for the clean vehicle tax credit due to strict battery sourcing requirements that exclude materials from "foreign entities of concern," particularly China. The updated guidelines allow for a tax credit of up to $7,500, with conditions such as North American final assembly, income and price caps for buyers, and domestic sourcing for battery components. A limited list of EVs still qualify for the full or partial credit, and dealers can now offer the credit at the point of purchase for both new and used EVs.