Fewer EVs will qualify for the federal $7,500 tax credit under updated rules

About Me

Latinos MediaSyndication

The Latinos del Mundo Media Syndication profile.

Fewer EVs will qualify for the federal $7,500 tax credit under updated rules

Posted by - Latinos MediaSyndication -

on - March 31, 2023 -

Filed in - Technology -

370 Views - 0 Comments - 0 Likes - 0 Reviews

Image: Hugo Herrera / The Verge

The Biden administration released a long-awaited update to the rules governing which electric vehicles are eligible for a tax credit, and while we still don’t know which vehicles will meet the new standards, one thing is for sure: fewer EVs are going to qualify.

The new rules, which were published by the Treasury Department on Friday, address outstanding issues related to the source of the critical minerals contained within an EV battery. Under the Inflation Reduction Act (IRA), only electric vehicles with battery materials sourced from the US and its approved trading partners will qualify for the $7,500 credit.

That represents a serious challenge to most automakers — and now for customers interested in buying an EV. Under the current...

Read Full News Here

Pinterest More Stuff

Photos

Photos

0 albums found

Related News

Fewer EVs will qualify for the federal $7,500 tax credit under updated rules

Photos