US Government Announces Shocking List of Eligible EVs for Tax Credits up to $7,500
The US Treasury Department has declared a list of electric vehicles (EVs) eligible for tax credits, and fewer models made it to the list than in previous years.
The new law enables consumers to use up to $7,500 in tax credits for eligible EVs.
Sixteen new models and some of their variations are eligible for all or half of the new credit, while nine models are no longer eligible.
The eligible cars are mostly made by the "big three" EV automakers in the US: Ford, General Motors, Stellantis, and Tesla.
Hyundai and Kia's EVs are excluded from the list of 16 EVs that are eligible for the federal tax credit of up to $7,500.
The Inflation Reduction Act, which became law in 2022, requires carmakers to add the final assembly process on American soil to receive the tax credits.
The US government has issued an updated list of all-electric and gas-electric hybrid vehicles that qualify for the tax credit, and those that can earn at least a partial sweetener for buyers.
To claim the full $7,500 tax credit, a percentage of the pre-determined battery parts must be made in North America, and a percentage of critical minerals must be sourced in the US or from certain trade-friendly countries.
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