"2024's Eligible EVs for Maximum Federal Tax Credits: What You Need to Know"
The U.S. government has announced the electric vehicles eligible for the full $7,500 federal tax credit under new guidelines, including GM's Chevy Bolt, Ford F-150 Lightning, and certain Tesla models. A smaller $3,750 credit applies to some Rivian models and plug-in hybrids. The stringent criteria aim to shift the EV supply chain away from China and towards North America, with vehicles required to be built in North America and fall under specific price caps. The updated tax credit is now more consumer-friendly, being applied at the time of purchase and not requiring a tax liability equal to the credit amount. Automakers are adapting to these changes, with efforts to replace non-qualifying components and build more factories in North America.