2023-04-17 17:02:00
Only 10 EVs and plug-in hybrids (PHEVs) have the maximum deduction of $7,500 in tax credits for purchasing electric vehicles (EVs) in the U.S. . Requirements for sourcing battery components and critical minerals have been tightened, excluding most plug-in vehicles.
General Motors (GM) andTesla,Ford Motor Company has at least one EV with a $7,500 deduction each. Ford and Stellatis each have one PHEV to which the system applies. No other manufacturer sells a model that qualifies for the maximum $7,500 tax credit, according to the U.S. Treasury Department. The ministry finalized its tax credit guidelines in March. Effective April 18th.
Biden administration’s EV tax treatment, very few applicable vehicles-Strict parts procurement rules
The Short List of Eligible EVs
Only 10 models qualify for the full $7,500 US tax credit
Source: US Treasury Department
A provision to encourage the purchase of EVs was included in the Inflation Control Law, which the Democratic Party of Japan has set as a pillar of climate change countermeasures, but the Ministry of Finance has been reviewing it since the beginning of this year in order to finalize guidelines for applying tax credits. As a result of this announcement, the number of applicable vehicle models has decreased by about half compared to the beginning of this year. Another seven cars made by Tesla, Ford and Stellantis will receive a deduction of $3,750, half the maximum.
Volkswagen (VW), Hyundai Motor Company (Hyundai), Nissan Motor Co., BMW, Volvo Cars and Rivian Automotive each had at least some of the tax credits available earlier this year. However, it will not apply from the 18th.
news-rsf-original-reference paywall">Original title:GM, Tesla and Ford Sell the Only EVs Eligible for Full US Credit(excerpt)
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