U.S. Treasury Department updates electric car tax break rules, Volkswagen, Nissan, BMW, etc. lose subsidies

2023-04-18 07:56:40

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China Business News 2023-04-18 15:56:40

Editor in charge: Hao Yunying

The U.S. Treasury Department updated its list of electric vehicles eligible for the tax break on April 17, a change that sets new standards for battery components and is intended to entice automakers to bring more of their manufacturing work domestically. Automakers including Volkswagen, BMW, Nissan, Hyundai and Volvo will lose tax breaks, and the updated rules show that no electric models from foreign brands are eligible for subsidies.

The U.S. Treasury Department updates the electric vehicle tax relief rules, Volkswagen, Nissan, BMW, etc. lose subsidies

The U.S. Treasury Department updated its list of electric vehicles eligible for the tax break on April 17, a change that sets new standards for battery components and is intended to entice automakers to bring more of their manufacturing work domestically. Automakers including Volkswagen, BMW, Nissan, Hyundai and Volvo will lose tax breaks, and the updated rules show that no electric models from foreign brands are eligible for subsidies.

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