Monday, May 20, 2024
Biden administration's recent rules substantially slash the electric vehicle models eligible for the $7,500 tax credit from 24 to just 13. Records reveal a significant reduction, excluding vehicles with Chinese battery components from the credit.
General Motors and Ford will lose electric vehicle tax credit from some of its production. Nonetheless, the GM expects to regain the credit as it is working towards changing sources for auto components. The Biden Administration rule regarding EV tax credit is a major reason for the temporary tax credit ineligibility on certain vehicles beginning Jan.1 2024.
The Biden Administration is set to unveil criteria for disqualifying EVs from subsidy, possibly related to foreign material concerns. Reports suggest discussions about temporarily easing restrictions on EVs using Chinese battery components to aid automakers.
