Biden admin says about 20 car models will still be eligible for EV tax credits – TechCrunch

The Inflation Reduction Act, which President Joe Biden signed into law Tuesday, says that if automakers want their electric vehicles to qualify for the tax credit, they will need to eventually assemble in North America. The law, effective immediately, terminates credit for about 70% of the 72 previously eligible models, According to Automotive Innovation Alliance.

About 20 models in 2022 and early models in 2023 cars will still cut EV tax credits up to $7,500 through the end of the year under the new law. Any manufacturer whose vehicle is assembled in North America and has reached the 200,000 EV credit limit will not be eligible for the new Named Clean Vehicle Credit this year. That makes the following models still eligible:

Electric vehicles from model 2022 are eligible for the Clean Car Credit

  • Audi Q5
  • BMW 3-series Plug-In and BMW X5
  • Chrysler Pacifica PHEV
  • Ford F Series; Ford Mustang Mach E; Ford Transit Van
  • Jeep Grand Cherokee PHEV
  • Jeep Wrangler PHEV
  • Lincoln Aviator PHEV and Lincoln Corsair Plug-in
  • Lucid Air
  • Nissan Leaf
  • Rivian EDV; Rivian R1S; Rivian R1T
  • Volvo S60

Electric vehicles from model 2023 are eligible for the Clean Car Credit

  • BMW 3-series plug-in
  • Mercedes EQS
  • Nissan Leaf

Electric cars have used up tax credits

  • 2022 Chevrolet Bolt EUV; 2022 Chevrolet Bolt EV; 2023 EV . bolt
  • 2022 GMC Hummer Pickup and SUV
  • 2022 Tesla Model 3, S, X and Y
  • 2023 Cadillac Lyriq

More details

Signing the law means Electric vehicles sold by Toyota, Hyundai, Porsche, Kia and others will no longer qualify for the tax deduction. However, if a customer made a non-refundable deposit or prepaid 5% of the total contact price before Biden signed the legislation, they may still be eligible. Many automakers have urged customers to complete transactions and deposits to squeeze in a few more tax credits.

The additional terms are expected to go into effect January 1, 2023. For example, there will be new restrictions on battery and mineral supplies, as well as price and income limits. The beginning of the year will also reset the clocks for General Motors and Tesla to qualify again for the EV tax credits.

By 2024, buyers will be able to transfer their credit to dealers when buying a car to reduce the sale price.

The U.S. Department of Energy notes that some manufacturers produce vehicles in multiple locations. The construction location can be confirmed by referring to the vehicle’s Vehicle Identifier using VIN decoder tool.

Source link


News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button