Since 2010, the federal government has incentivized the purchase of new electric vehicles with tax credits. To date, many EV and plug-in hybrid (PHEV) buyers have benefited from this program. But how exactly does the tax credit work, and which cars are e
DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credi...
Under the $740 billion economic package, which passed the Senate over the weekend and is nearing approval in the House, the tax credits would take effect next year. For an EV buyer to qualify for the full credit, 40% of the metals used in a vehicle's battery must come from North Ameri...
In theory all automakers that sell electrified cars, be they fully-electric or plug-in hybrids, can sell cars eligible for the EV tax credit. However, Post Inflation Reduction Act, the criteria is a lot stricter than it used to be and will only get stricter as the years go by. This li...
"Take away the subsidies, it will only help Tesla," Muskpostedin July on his social media platform X. The elimination of the EV tax credit would lead to a drop in prices and initially cut into Tesla's profits. However, lower EV prices would also increase losses for legacy aut...
One of the proposed changes to the federal EV tax credit that has flown a bit under the radar is also one of the most political and protectionist in nature. Effective January 1, 2022, electric vehicles with final assembly* (see definition at the end) in China...
Qualifying for the federal tax credit on an eligible new or used battery-powered vehicle depends on your adjusted gross income and how you file your taxes. Like last year, an EV or PHEV that is assembled outside of North America or has a battery capacity of less than 7.0 kilowatt-hours ...
short. A function of the Inflation Reduction Act which was passed into law last August, the new tax credit policy proved to be good news for General Motors and Tesla, as both companies had sold more than the 200,000 vehicles allowed under the provisions of the previous EV-incentive program...
California would renew EV rebates if Trump administration kills federal tax credit, Newsom saysCalifornia Gov. Gavin Newsom announced Monday that the state would renew a rebate program for electric vehicles if the incoming Trump administration eliminates the current federal tax ...
Under the new rules, electric vehicles must be assembled in North America to qualify for the EV tax credit, and more of the battery component materials need to come from approved sources. Also, the price limit is dependent on the vehicle type. Vans, SUVs, and pickup trucks qualify if the...