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Federaltaxcredit

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business1 year ago•2 min saved

Rush to Buy EVs Before Potential Tax Credit Cuts in 2025

Electric vehicle (EV) sales in the U.S. are expected to surge in the final months of the year as buyers rush to take advantage of significant discounts that may disappear in 2025. This anticipated increase is driven by reports that President-Elect Trump plans to eliminate the $7,500 federal tax credit for clean car buyers. Currently, discounts on some EV models can reach up to $20,000, with incentives and lease deals contributing to the growth. The potential policy change is prompting consumers to act quickly to secure these savings before they potentially vanish.

via Electrek.co|

#automotiveindustry #business #discounts

automotive-finance2 years ago•3 min saved

"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.

via Business Insider|

##automotive-finance #batteryproduction