TECH - Many Tesla Nissan GM And Other EV Models Hit By Tax Credit Cut: These EVs Are Still Eligible For $7.5K Benefit | Benzinga
In a significant blow to several electric vehicle (EV) manufacturers, various models have lost their eligibility for up to $7,500 in U.S. tax credits. The updated battery sourcing norms have impacted car models from Tesla Inc (NASDAQ:TSLA), Nissan Motor Co Ltd (OTC:NSANY), and General Motors Co (NYSE:GM), among others.
What Happened: The U.S. Treasury’s recent guidelines, designed to shift the U.S. electric vehicle supply chain away from China, have caused the count of EV models qualifying for tax credits to plunge from 43 to 13, Bloomberg reported.
Among the vehicles still eligible for consumer credit are Tesla’s Model Y, Rivian’s R1T pickup truck, Stellantis NV's Jeep Wrangler 4xe and Ford’s F-150 Lightning pickup truck.
See Also: Marjorie Taylor Greene Challenges House Speaker, Sparks GOP Clash: ‘The Honeymoon Is Over’
The new rules permit buyers to claim the tax credit at the point of sale at participating dealerships, provided they adhere to set limits on vehicle price and buyer income.
Models like the Volkswagen ID.4, Tesla Model 3 Rear Wheel Drive, Bayerische Motoren Werke AG’s (OTC:BMWYY) BMW X5 xDrive50e, Audi Q5 PHEV 55, Cadillac Lyriq, and Ford Motor Co’s (NYSE:F) E-Transit were among those ...